CROWN PACIFIC CONCLUDES SALE OF REMANUFACTURING FACILITY.PORTLAND, Ore.--(BUSINESS WIRE)--April 1, 1997--Crown Pacific Partners, L.P. (NYSE NYSE See: New York Stock Exchange : CRO) today announced it has concluded the sale of its remanufacturing facility and related inventories located in Redmond, Oregon Redmond is a city in Deschutes County, Oregon, United States. It is named for Frank T. Redmond, who settled near the present site of the town in 1905. It is part of the Bend, Oregon Metropolitan Statistical Area. Redmond's 2006 population is 23,500. to Bright Wood Corp. of Madras, Oregon Madras (pronounced MAD-res) is a city in Jefferson County, Oregon, United States. Originally called The Basin after the circular valley the city is located in, Madras reportedly was named in 1903 for the cotton fabric called "Madras" that originated in the Chennai area in India, for $8 million. "We are pleased that the transaction was concluded timely," stated Peter W. Stott, President and Chief Executive Officer. "This sale is clearly a win-win situation for both companies. It allows us to focus our strategy and capital on our higher margin core businesses, and formalizes a strategic alliance with our long standing customer, Bright Wood Corp.," continued Mr. Stott. Crown Pacific Partners Crown Pacific Partners, L.P. was a publicly traded partnership founded in 1988 which at its peak owned about 800,000 acres (3,000 km²) of timberland, half in Oregon and the rest in Washington, Idaho, and Montana. , L.P. is a leading integrated forest products partnership with extensive timber holdings and conversion facilities located in Oregon, Washington, Idaho and Montana. Additional information and news releases may be obtained from Crown Pacific's internet page at http://www.businesswire.com/cnn/cro.htm . The information contained in this release includes certain forward- looking statements that are based on assumptions that in the future may prove not to have been accurate. Those statements, and Crown Pacific Partners, L.P.'s business and prospects are subject to a number of risks, including the volatility of timber and lumber lumber, term for timber that has been cut into boards for use as a building material. The major steps in producing lumber involve logging (the felling and preparation of timber for shipment to sawmills), sawing the logs into boards, grading the boards according to prices, factors limiting harvesting of timber including contractual obligations, weather and access limitations, the substantial capital expenditures required to fund its operations, environmental risks, operating risks Operating risk The inherent or fundamental risk of a firm, without regard to financial risk. The risk that is created by operating leverage. Also called business risk. normally associated with the timber industry, competition, government regulation, and the ability of the Partnership to implement its business strategy. These and other risks are described in the Partnership's reports and registration statements that are available from the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Securities and Exchange Commission. CONTACT: Financial Inquiries: Media Inquiries: Mark B. Conan Fletcher C. Chamberlin Crown Pacific Harris Massey Herinckx 503/274-2300 503/295-1922 |
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