PORTLAND, Ore., Nov. 11 /PRNewswire/ -- Willamette Industries' (NYSE: WLL)
Board of Directors today approved plans to expand the company's new French
particleboard plant, to build a steam turbine generator at the Hawesville,
Kentucky pulp and paper mill and to relocate Willamette's Elk Grove, Illinois
corrugated container plant. In addition, the board announced management
realignments and a quarterly dividend.
The Board approved a project that will nearly double the capacity of the
company's particleboard plant in Linxe, France. Acquired in June of 1999 from
Darbo, S.A. the facility currently produces 260,000 cubic meters of
particleboard annually. The capital project consists of the addition of a new
dryer, extension of the existing press line and a new melamine laminating
line, all of which should be completed in the fourth quarter of 2000.
A steam turbine generator will be added to the recently-expanded uncoated
free sheet, bleached market pulp and corrugating medium mill complex in
Kentucky. The turbine will provide electricity for the mills and steam for
mill processes. It is expected to go on-line in the third quarter of 2001.
The Board also approved the relocation of Willamette's Elk Grove, Illinois
corrugated container plant from its current leased facility to a larger plant
site in the area and approved expenditures for new equipment to modernize the
operation.
Greg Hawley, currently Willamette's vice president-controller, has been
promoted to executive vice president-CFO. Hawley joined the company in his
present position in 1996. He replaces J. A. Parsons who is retiring from the
company with 33 years of service.
Wayne Parker has been named vice president in charge of the southern
Building Materials Group, which consists of manufacturing and forestry
operations in Louisiana and Arkansas. Parker joined the company in 1973 as a
human resources manager. He was most recently area human resource manager for
Willamette's Southern and Eastern regions. He replaces Dave Hill who retired
after 26 years with Willamette in management positions in both the Paper and
Building Materials Groups.
Mario Coll has been promoted from a corrugated container divisional
officer to a Paper Group officer and his responsibilities expanded to include
all of Willamette's corrugated container plants in the southeast, southwest
and Mexico. Coll joined Willamette in 1976 as a salesman in the company's
Dallas-Ft. Worth container plant and worked in a number of sales and
management positions before becoming regional manager in 1983 and division
officer in 1992.
Doug Leland has been promoted from general manager of Willamette's bag
division to division vice president for bags, inks and specialties. Leland
joined the company in 1973 as a sales trainee and served in a variety of sales
and management positions before becoming general manager of Willamette's four
bag plants in 1995.
Jeff Murray has been promoted from general manager of the company's
California corrugated plants to vice president in charge of all of
Willamette's western corrugated operations. Murray joined the company in 1964
and has held a number of sales and management positions in the company's West
Coast corrugated operations.
All appointments are effective December 1, 1999.
In other business, the board declared a dividend of $.18 per share on
Willamette's common stock, payable on December 14, 1999 to shareholders of
record on November 29, 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 papers,
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.
 back to top
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:
Catherine Dunn of Willamette Industries,
Inc., 503-273-5642
|
