On The Block

Weyerhaeuser Co. (NYSE: WY), Federal Way, Wash., may consider putting up a “For Sale” sign on its commercial construction sales business and related assets. The business includes three manufacturing plants, plus 13 design and sales offices. A sale or business combination would let Weyerhaeuser focus on the residential structural frame market. “We are positioning our Wood Products business to grow in areas that present the greatest opportunities for our shareholders and employees,” said Senior Vice President Lee Alford. Last May, Weyerhaeuser said it was also considering options for its containerboard, packaging and recycling operations.

Phoenix Cos. (NYSE:PNX) intends to spin off its Phoenix Investment Partners asset management unit to the Hartford, Conn.-based company’s shareholders. Chairman, President and CEO Dona Young expects that the “separation will increase clarity on valuation for the respective businesses … by allowing them to grow under different operating models best suited to each business.” The transaction is expected to close in the third quarter. Oliver Press Partners LLC, which owns approximately 5 percent of Phoenix Cos., supports the spin-off and considers the move the first step towards a value recovery plan.

Sun-Times Media Group Inc.’s (NYSE: SVN) board plans to consider strategic options to enhance shareholder value. The publisher of the Chicago Sun-Times newspaper plans to consider joint ventures or strategic partnerships with third parties. Other options being considered include the possible sale of the company, or some or all of its assets. Sun-Times Media does not intend to discuss the options review process until its board approves a definitive agreement. The Chicago-based company, which has been hurt by declines in advertising and circulation revenue, previously announced it would seek to reduce annual operating costs by $50 million during the first half of 2008.

Tully’s Coffee Corp. is brewing up ideas on how to enhance company and shareholder value. The Seattle-based coffee retailer, which has more than 400 locations, has hired investment banking firm D.A. Davidson & Co. to help evaluate strategic alternatives. D.A. Davidson will advise Tully’s on alternatives that include a capital raise and M&A opportunities. Tully’s Chairman Tom T. O’Keefe said, “With the public markets continuing to be in such a volatile state we need to look at all appropriate strategic opportunities that allows us to expand our retail and wholesale presence and enhance our shareholder value.”