PORTLAND, Ore., Nov. 9 /PRNewswire/ -- Willamette Industries'
(NYSE: WLL) Board of Directors today approved construction of a corrugated box
plant in Oklahoma City; relocation and modernization of the Kingsport,
Tennessee, cut sheet plant; and authorization to pursue a pulp mill
modernization at the Albany, Oregon, paper mill. Kevin Igli was named
vice president of environmental affairs. Further, the board approved a
dividend of $.21 per share to be paid on December 14, 2000 to shareholders of
record on November 27, 2000.
The Board authorized construction of a small corrugated plant in
Oklahoma City. This plant will serve Willamette's existing customers in the
area, as well as allow the company to take advantage of additional market
opportunities.
The Kingsport sheeter plant, which makes cut size office papers, will move
from the mill to a nearby site. A building will be constructed to house a new
10-pocket sheeter.
The pulp mill modernization at Albany would not increase the mill's
capacity but will prepare the mill to meet the U.S. Environmental Protection
Agency's Cluster Rules for pulp and paper mills and replace obsolete
equipment.
Kevin Igli, who was hired as director of environmental affairs in August,
was elected corporate vice president to oversee the environmental affairs of
Willamette's manufacturing facilities, effective December 1.
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.
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
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CONTACT:
Cathy Dunn of Willamette Industries,
503-273-5642
NOTE TO EDITORS: A full copy of this release, as well as other
company news, is available at http://www.wii.com
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