Weyerhaeuser to spin off real estate unit

In line with reports last year that it was considering a sale or spinoff of the division, Weyerhaeuser is planning on spinning off its real estate unit in order to concentrate its resources on its timber and paper products business.

The new company -- Weyerhaeuser Real Estate Co. -- will link forces with homebuilder TRI Pointe Homes Inc. to become a subsidiary of the company.

According to the Associated Press, shareholders will be able to exchange any number of Weyerhaeuser common shares for the new company's shares, which will be able to be converted into TRI Pointe shares upon completion of the deal. Further details regarding the transaction were not disclosed.

At this moment, approval from TRI Pointe shareholders is still pending.