PORTLAND, Ore., Feb. 11 /PRNewswire/ -- Willamette Industries' (NYSE: WLL)
Board of Directors today declared a dividend of $.16 per share on Willamette's
common stock. The dividend is payable on March 12, 1999 to shareholders of
record on February 22, 1999.
In other business, the Board approved a project to construct a new cut
sheet converting facility in the Midwest. A cut sheet plant converts rolls of
fine paper into sheets for use in photocopiers, computer printers and
facsimile machines. Willamette's current cut sheet facilities will soon be
operating at capacity. The new plant will allow the company to continue
growing to meet increased market demand for this product and provide
additional internal converting capacity for the new paper machine at
Willamette's Kentucky paper mill.
The Board also approved a modernization of the fiber cleaning equipment at
the Oxnard, California, 100% recycled corrugating medium mill. The project
will improve the quality of the mill's recycled fiber and allow the mill to
experiment with the use of mixed paper waste.
The Board appointed Winslow H. Buxton, 59, to fill the unexpired term of
C.W. Knodell, 71, who is retiring from Willamette's Board of Directors. For
the past seven years, Buxton has been president, chief executive officer and
chairman of Pentair, Inc., a diversified manufacturing company that sells
general industrial equipment and specialty products. Knodell served on the
board for 10 years and worked for Willamette for 30 years prior to that,
retiring as executive vice president and chief financial officer.
Willamette Industries is a vertically integrated forest products company
with 100 manufacturing facilities in the United States, Europe and Mexico.
The company manufactures building materials, fine paper products and
packaging. Willamette owns over 1.7 million acres of timberland in the South
and Pacific Northwest.
SOURCE Willamette Industries, Inc.
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http://www.wii.com
Company News On-Call:
http://www.prnewswire.com/comp/971763.html or fax,
800-758-5804, ext. 971763
CONTACT:
Catherine Dunn of Willamette Industries,
Inc., 503-273-5642
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