PORTLAND, Ore., Jan. 5 /PRNewswire/ -- Willamette Industries (NYSE: WLL)
today responded to Weyerhaeuser Company's (NYSE: WY) extension of its hostile
offer to purchase Willamette with the following statement:
Duane C. McDougall, CEO of Willamette Industries, said: "Weyerhaeuser's
announcement and extension of their hostile offer does not change anything.
As we've said all along, we are not for sale. The offer is clearly inadequate
and not in the best interests of our shareholders. We are continuing to focus
on profitably growing our business for the benefit of all Willamette
shareholders. We encourage Weyerhaeuser to concentrate on running its own
business and put an end to this distraction for the benefit of both
companies."
McDougall continued: "We wish to thank all Willamette employees for their
hard work and dedication during this period and express our appreciation to
the many Willamette shareholders who did not tender their shares. We
encourage all Willamette shareholders not to tender their shares to
Weyerhaeuser and, for those who have, to withdraw them."
Willamette Industries is an integrated forest products company with
106 plants, located in the U.S., France, Ireland and Mexico. The company owns
1.7 million acres of forestland which has been third-party certified as
meeting the Sustainable Forest Initiative(SM) standards of the American Forest
and Paper Association. Willamette produces building materials, composite wood
panels, fine paper, office paper products, corrugated packaging and grocery
bags.
Investors are urged to read the proxy statement that will be filed by
Willamette in connection with the 2001 annual meeting of shareholders when it
becomes available, as well as any solicitation/recommendation statement that
has been or may be filed by Willamette, because they contain important
information. Each of these documents has been or will be filed with the SEC
and investors may obtain a free copy of them at the SEC's Internet web site at
http://www.sec.gov. These documents may also be obtained for free (when available)
from Willamette by directing such request to: Willamette Industries, Inc.,
Attention: Investor Relations, 1300 S.W. Fifth Avenue, Suite 3800, Portland,
Oregon 97201, telephone: 503-227-5581, or MacKenzie Partners, Inc. at
800-322-2885 (toll-free) or at 212-929-5500 (collect) or by e-mail at
proxy@mackenziepartners.com. Detailed information regarding the names,
affiliations and interests of individuals who may be deemed participants in
the solicitation of proxies of Willamette's shareholders is available in the
Soliciting Materials on Schedule 14A filed by Willamette with the SEC on
January 3, 2001.
SOURCE Willamette Industries, Inc.
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Related links:
http://www.wii.com
Company News On-Call:
http://www.prnewswire.com/comp/971763.html or fax,
800-758-5804, ext. 971763
CONTACT:
Greg Hawley, EVP & CFO, 503-273-5640, or
Cathy Dunn, VP Communications, 503-273-5642, both of Willamette
Industries; or Paul Verbinnen, or David Reno, or Jim Barron, all
of Citigate Sard Verbinnen, 212-687-8080, for Willamette
Industries
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