PORTLAND, Ore., Dec. 30 /PRNewswire/ -- Willamette Industries (NYSE: WLL)
has finalized the sale of its 117,000 acres of southwestern Washington
timberlands to Cathlamet Timber Company for $234 million. The timberlands will
be managed by The Campbell Group, Inc. of Portland, Ore.
Willamette acquired the land in 1996 as part of its purchase of Cavenham
Forest Industries. In September 1998, Willamette announced plans to sell the
forest lands because they were not critical to the fiber supply needs of the
company's Northwest operations. Proceeds from the sale of the land will be
used to reduce outstanding debt and will give the company greater flexibility
in pursuing new opportunities.
Willamette is a vertically integrated forest products company with more
than 100 manufacturing facilities in the United States, Europe and Mexico. The
company manufactures building materials, fine paper products and corrugated
containers. Willamette owns approximately 1.7 million acres of timberland in
Oregon, Louisiana, Tennessee, Missouri, Arkansas, Texas and the Carolinas.
A full copy of this release and other company news is available at
http://www.wii.com.
SOURCE Willamette Industries, Inc.
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http://www.prnewswire.com/comp/971763.html or fax,
800-758-5804, ext. 971763
CONTACT:
E. Jane Sinnema of Willamette Industries,
503-721-8642
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