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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
March 14, 1996
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WILLAMETTE INDUSTRIES, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
Oregon
(STATE OR OTHER JURISDICTION OF INCORPORATION)
0-3730
(COMMISSION FILE NO.)
93-0312940
(IRS EMPLOYER IDENTIFICATION NO.)
1300 S.W. Fifth Avenue, Suite 3800
Portland, Oregon 97201
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
Registrant's telephone number, including area code:
(503) 227-5581
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ITEM 5. OTHER EVENTS.
On March 12, 1996, the registrant entered into an agreement with
Hanson Natural Resources Company, a Delaware general partnership, Cavenham
Energy Resources Inc., a Delaware corporation, and Cavenham Forest Industries
Inc. providing for the purchase by the registrant of the timber operations of
Cavenham Forest Industries for $1.588 billion. A copy of the text of a press
release issued by the registrant on March 12, 1996, announcing the agreement
is attached as Exhibit 99.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
AND EXHIBITS.
(a) Financial Statements.
None.
(b) Pro Forma Financial Information.
None.
(c) Exhibits.
Exhibit No. Description
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99 Press release issued by the
registrant on March 12, 1996,
regarding its agreement to
purchase the timber operations
of Cavenham Forest Industries
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
Willamette Industries, Inc.
(Registrant)
By /s/ Duane C. McDougall
Duane C. McDougall
Vice President - Building
Materials Group
Dated: March 14, 1996
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EXHIBIT 99
Willamette Industries Acquires Cavenham Properties
Portland, Oregon (NASDAQ/WMTT) Willamette Industries, Inc. has
entered into an agreement to acquire the timber operations of Cavenham Forest
Industries, an affiliate of Hanson PLC, in Louisiana and the Pacific
Northwest. The purchase price for the 1,088,000 acres of timberland and the
Warrenton, Oregon sawmill is $1.588 billion.
Willamette intends to retain and operate Cavenham's sawmill in
Warrenton and its timberland in northwest Oregon, southwest Washington and
north central Louisiana, valued at about $1 billion.
Crown Pacific Partners, L.P., Hancock Timber Resource Group and
Temple-Inland, Inc. have all expressed an interest in acquiring some of the
remaining properties.
Willamette has agreements in principle with Crown Pacific for Crown
to acquire 207,000 acres located in eastern Oregon and on the Olympic
Peninsula in Washington and with Temple-Inland, which will acquire
approximately 230,000 acres in southwest Louisiana. Discussions are underway
with Hancock about its acquisition of approximately 104,000 acres in Columbia
County, Oregon.
Steven R. Rogel, Willamette's chief executive officer, said that
the acquisition offers the company an opportunity to develop its resource
base: "We were able to obtain some of the most productive timberlands in the
world at a very attractive price relative to their productivity. This
resource base, combined with our production and marketing abilities, will
give us a strong platform for building shareholder value.
"In north central Louisiana, Cavenham and Willamette lands exist in
an interwoven pattern in many areas," Rogel said. "This was an unprecedented
opportunity to allow us to expand the resource base in our current operating
area.
"In Oregon, the Clackamas County lands will allow our existing
Oregon facilities to ultimately reach 100% fiber self-sufficiency. The
Northwest Oregon timberlands and the Warrenton mill allow us to rebuild our
West Coast lumber production from a self-sufficient resource base. This
acquisition is an important step for Willamette, helping assure a future
fiber supply."
After giving effect to this acquisition, Willamette will have 96
forest products manufacturing facilities in 21 states with more than 13,300
employees.
Hanson PLC is a British-American industrial management corporation
with market leadership in basic industries. Its U.S. operations include
Peabody Holding Company, Quantum Chemical, SCM Chemicals, Grove Crane,
Cornerstone Construction and Materials and Cavenham Forest Industries.
