PORTLAND, Ore., July 16 /PRNewswire/ -- Willamette Industries (NYSE: WLL)
announced today certified results in the election of three nominees to its
Board of Directors.
In the vote count certified by the independent inspectors of election,
IVS Associates, Inc., and reviewed by representatives of both Willamette and
Weyerhaeuser (NYSE: WY), three nominees, Thomas M. Luthy, Robert C. Lane and
Evelyn Cruz Sroufe, received votes totaling 49.16 million shares, or 44.85% of
the total shares outstanding, with Kenneth W. Hergenhan, Duane C. McDougall
and Robert M. Smelick receiving votes totaling 46.91 million shares, or
42.80% of the total shares outstanding. Willamette has approximately
109.6 million shares outstanding.
In addition to the election of directors, shareholders also voted on two
shareholder proposals, both of which were rejected. The first proposal,
declassification of the board, received votes totaling 43.28 million shares
for and 44.56 million shares against with 6.67 million abstentions. The
second proposal, regarding the composition of the Company's compensation
committee, received 39.48 million shares in favor and 46.66 million shares
against with 8.3 million abstentions.
Duane C. McDougall, President and Chief Executive Officer of Willamette,
said, "While we are clearly disappointed that our slate of nominees was not
elected, we appreciate our shareholders support for our classified board and
the composition of our compensation committee."
He continued, "Our recent solid financial performance, in a market where
many of our competitors are losing money, once again demonstrates our ability
to deliver superior value on behalf of our shareholders. We will continue to
focus on growing our business, and we look forward to building upon our track
record as a leading franchise in the industry."
Willamette Industries is an integrated forest products company with
105 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.
Any such forward-looking statement made by Willamette with respect to the
Weyerhaeuser tender offer is not entitled to the benefit of the safe harbor
protections 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
CONTACT:
Greg Hawley, EVP & CFO, 503-273-5640, or
Cathy Dunn, VP Communications, 503-273-5642, both of Willamette
Industries, Inc.; or Paul Verbinnen, or David Reno, or Jim
Barron, all of Citigate Sard Verbinnen, 212-687-8080, for
Willamette Industries, Inc.
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