PORTLAND, Ore., Feb. 10 /PRNewswire/ -- Willamette Industries' (NYSE: WLL)
board of directors today declared a dividend of $.21 per share on Willamette's
common stock, an increase of 16.7% over last quarter's $.18 per share. The
dividend is payable on March 14, 2000 to shareholders of record on
February 28, 2000.
The board approved plans to relocate the Tigard, Oregon, preprint facility
and acquire a new preprint press as well as plans to modernize the Dodson,
Louisiana, sawmill to improve its efficiency in using small logs. Further, the
board gave its approval to pursue plans to install a new lime kiln at the
Albany, Oregon, paper mill.
The board also accepted the retirement of Samuel C. Wheeler, long-time
board member and descendent of the family who founded Santiam Lumber Company
which became part of Willamette Industries when it was formed in 1967.
Michael G. Thorne, executive director of the Port of Portland, was appointed
to the board to fill Wheeler's unexpired term.
In other business the board approved a new shareholder rights plan to
extend the benefits of the company's existing rights plan that expires on
February 25, 2000. Like the existing plan, the new shareholder rights plan is
designed to encourage any potential acquirer to negotiate with the Board, so
that the Board can ensure that all company shareholders receive fair and equal
treatment in any acquisition. The new plan is not being adopted in response
to any specific effort to acquire the company.
Under the new plan, stock purchase rights each having an exercise price of
$200 will be issued to each company shareholder of record on
February 24, 2000. The rights will not be exercisable until a triggering
event occurs. The new plan lowers from 20 percent to 15 percent the
percentage of the company's common stock that a person or group can own before
triggering the plan. It also lowers from 30 percent to 15 percent the
threshold for a tender or exchange offer that would trigger the plan.
The new plan otherwise maintains substantially the same protections
against coercive or inadequate takeover attempts as are provided under the
expiring plan. A summary of the new plan will be sent to shareholders shortly
after February 24, 2000.
Willamette Industries is an integrated forest products company with
103 plants, located in the U.S., France, Ireland and Mexico. The company owns
1.7 million acres of forestland in the U.S. and manages it sustainably to
produce building materials, composite wood panels, fine paper, office paper
products, corrugated packaging and grocery bags.
Forward-looking statements in this release are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements are subject to risks and uncertainties and
actual results could differ materially from those projected. Such risks and
uncertainties include, but are not limited to, the effect of general economic
conditions; the level of new housing starts and remodeling activity; the
availability and terms of financing for construction; competitive factors,
including pricing pressures; the cost and availability of wood fiber; the
effect of natural disasters on the Company's timberlands; construction delays;
risk of nonperformance by third parties; and the impact of environmental
regulations and other costs associated with complying with such regulations.
Please refer to Willamette Industries' Securities and Exchange Commission
filings for further information
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:
Cathy Dunn, Vice President, Corp.
Communications, 503-273-5642, or E. Jane Sinnema, Director
Investor Relations, 503-721-8642, both of Willamette Industries,
Inc.
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