PORTLAND, Ore., Aug. 5 /PRNewswire/ -- Willamette Industries' (NYSE: WLL)
Board of Directors today approved plans to build a new particleboard plant in
North or South Carolina.
The plant, with a capacity of 210 million square feet a year, will have a
continuous press line to make a variety of thicknesses of high quality
particleboard. Raw materials for the facility will consist of pine residuals
from local wood processing plants. Construction should begin in early 2000,
with the plant coming on-line in 2001.
The Board also has announced its intention to appoint Greg Hawley to the
position of executive vice president, chief financial officer, to replace J.
A. Parsons when Parsons retires in November of 1999.
Hawley joined Willamette in 1996 as vice president, controller, the
position he currently holds.
Parsons, a 33 year employee of Willamette Industries, has been executive
vice president, chief financial officer since 1989.
In other business the board declared a dividend of $.18 per share on
Willamette's common stock. The dividend is payable on September 14, 1999, to
shareholders of record on August 30, 1999.
Willamette Industries is an integrated forest products company with 101
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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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,
503-273-5642
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