Weyerhaeuser Endorses MacMillan Bloedel's Forest and Environmental
Initiatives in Coastal British Columbia
7/13/99
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RELAYED TEXT STARTS HERE:
Title: Weyerhaeuser Endorses MacMillan Bloedel's Forest and
Environmental Initiatives in Coastal British Columbia
Source: Weyerhaeuser Company Press Release
Status: Copyright 1999, contact source for permission to reprint
Date: July 13, 1999
Weyerhaeuser Endorses MacMillan Bloedel's Forest and Environmental
Initiatives in Coastal British Columbia Will Honor Cooperative
Agreements
FEDERAL WAY, Wash.--(BUSINESS WIRE)--July 13, 1999--Weyerhaeuser Company
confirmed today that it plans to continue forest practices initiated by
MacMillan Bloedel Limited in British Columbia's coastal region and will
honor cooperative agreements with environmental groups, First Nations
and local communities on Vancouver Island.
``We have now had an opportunity to better understand MacMillan Bloedel
forest practices in coastal British Columbia and to meet firsthand with
environmental leaders,'' said Steven R. Rogel, chairman, president and
chief executive officer of Weyerhaeuser Company. ``We are declaring our
intention to honor commitments made by MacMillan Bloedel to transition
its coastal British Columbia operations to variable retention
harvesting, to increase old growth and habitat conservation in this
region, and to implement the Clayoquot Memorandum of Understanding. We
will also continue moving toward certification of sustainable forestry
to meet customer expectations,'' Rogel said.
On June 21 it was announced that Weyerhaeuser would acquire MacMillan
Bloedel in a stock transaction valued at $2.45 billion (CN$3.59
billion).
The transaction is expected to close later this fall, following approval
by MacMillan Bloedel shareholders and Canadian and U.S. regulatory
authorities.
The forest practices and agreements referred to are specifically
tailored to address conditions and circumstances unique to British
Columbia's coastal region.
C.W. (Bill) Gaynor, president and chief executive officer for
Weyerhaeuser Canada Ltd., added, ``We strongly support moving forward on
the zoning of operating areas in the British Columbia coastal forest,
including a zone devoted to intensive commercial forestry. By practicing
intensive management for economic values on some lands we can conserve
and increase other areas dedicated to environmental or social
purposes.''
Weyerhaeuser Company (NYSE:WY - news), one of the world's largest
integrated forest products companies, was incorporated in 1900. In 1998,
sales were $10.8 billion. It has offices or operations in 12 countries,
with customers worldwide. Weyerhaeuser is principally engaged in the
growing and harvesting of timber; the manufacture, distribution and sale
of forest products; and real estate construction, development and
related activities. Additional information about Weyerhaeuser's
businesses, products or practices is available at www.weyerhaeuser.com.
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Contact:
Canada:
Dave Larsen, 604/691-2412
or
Weyerhaeuser U.S. Forestry Practices:
David Coburn, 253/924-7012
or
http://www.businesswire.com/cnn/wy.htm