PORTLAND, Ore., Nov. 13 /PRNewswire/ -- Willamette Industries (NYSE: WLL)
has signed a letter of intent to sell its Washington State timberlands to
The Campbell Group, Inc., of Portland, Oregon. The purchase price for the
117,000 acres, located in southwestern Washington, is $234 million. The
purchase is expected to be completed by year's end.
Willamette acquired these timberlands as part of a larger timberland
purchase from Cavenham Forest Industries in 1996. The company subsequently
determined that the properties in Washington were not critical to the fiber
supply needs of its Oregon operations. The proceeds from the sale of the
forests will enable Willamette to reduce outstanding debt and give the company
greater flexibility in pursuing new opportunities, according to Duane
McDougall, president and chief operating officer.
Willamette Industries, Inc. is a vertically integrated forest products
company with nearly 100 manufacturing facilities in the U.S., Europe and
Mexico. The company manufactures building materials, fine paper products,
corrugated containers and paper bags. Subsequent to the sale, Willamette will
own over 1.7 million acres of timberland in the U.S.
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, general business and economic
conditions; competitive products and pricing, as well as fluctuations in
demand; potential equipment malfunction; and plant construction and repair
delays. 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:
E. Jane Sinnema of Willamette Industries,
Inc., 503-721-8642
NOTE TO EDITORS: A full copy of this release, as well as other
company news, is available at http://www.wii.com
|
