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September 24, 1996|Times Staff and Wire Reports

Weyerhaeuser Hires Banker, May Sell Mortgage Unit: The forest products company said it hired Goldman, Sachs & Co. to help it study options for its Woodland Hills-based mortgage subsidiary, including the possible sale. Weyerhaeuser Co. President and Chief Executive John W. Creighton Jr. said that Weyerhaeuser Mortgage Co.'s employees and customers will benefit more from an owner who is focused on financial products. Federal Way, Wash.-based Weyerhaeuser is the nation's third-largest forest products company with $11.8 billion in sales. The company's real estate and financial services group earned $14 million last year, or 1.4% of Weyerhaeuser's $983.4 million in profit from operations. The mortgage unit has 58 offices in 15 states and employs 1,500. It reported mortgage loan production of $2.1 billion for the eight months ended Aug. 31.

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