CANADA
Weyerhaeuser "Endorses MacMillan Bloedel's Forest and Environmental Initiatives in Coastal British Columbia"
Will "Honor Cooperative Agreements"
The following press release from Weyerhaueser appears to be encouraging news.
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.
Source: Weyerhaeuser U.S. Forestry Practices:
David Coburn, 253/924-7012
or http://www.businesswire.com/cnn/wy.htm
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