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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
November 29, 2000
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CONTACT: Greg Hawley Cathy Dunn Paul Verbinnen/David Reno/
EVP & CFO VP Communications Jim Barron
Willamette Industries Willamette Industries Citigate Sard Verbinnen
503-273-5640 503-273-5642 212-687-8080
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WILLAMETTE RESPONDS TO WEYERHAEUSER TENDER OFFER
PORTLAND, ORE. - (NYSE:WLL) - The Board of Directors of Willamette
Industries today confirmed it has received notice of an unsolicited offer to
purchase all of the outstanding shares of Willamette for $48 per share in cash
from Weyerhaeuser Company (NYSE:WY). The Board will review the offer and make a
recommendation to Willamette shareholders promptly. The Board urges Willamette
shareholders not to take any action with respect to the offer until the Board
makes its recommendation.
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 price 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.
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