Printer Friendly

LOUISIANA-PACIFIC HOLDS ANNUAL MEETING

 LOUISIANA-PACIFIC HOLDS ANNUAL MEETING
 MONTGOMERY, Texas, April 28 /PRNewswire/ -- Louisiana-Pacific


(L-P) (NYSE: LPX) stockholders met here today for the company's annual meeting and reelected John C. Hart, Lee C. Simpson and Charles E. Yeager to three-year terms on the board of directors. They also approved the 1992 Employee Stock Purchase Plan and reappointment of Arthur Andersen & Co. as L-P's auditors. Two stockholder's proposals, that weren't recommended by management, were defeated.
 At the meeting, L-P Chairman and President Harry A. Merlo told stockholders that the company's strategy is working very well as evidenced by strong first-quarter performance and by record high price levels for the company's stock.
 "We've successfully pioneered innovative, affordable building materials that work better than the traditional products they replace, and that don't rely on the big Western trees that are increasingly off limits because of political and environmental pressures," Merlo said.
 Merlo also announced that L-P is working very hard to eliminate the use of chlorine at its pulp mills.
 "While there's no evidence that the barely measurable amounts of dioxin which result from use of chlorine in bleaching pulp are harmful, the public is clearly concerned. We hope to resolve those fears by removing chlorine from the process," Merlo said.
 The first mill to meet that standard is Louisiana-Pacific's new high-yield pulp mill in Chetwynd, British Columbia. The mill uses hydrogen peroxide to bleach its pulp and is entirely chlorine free.
 L-P's Samoa, Calif., kraft pulp mill produced 5,000 tons of absolutely chlorine-free pulp earlier this month as a test of the process and the market.
 "We're still several steps away from chlorine-free technology that can produce pulp with the brightness that consumers have learned to expect. So our challenge now is to come up with new pulp-making techniques that improve brightness without chlorine," Merlo said. "We also need to convince consumers to accept paper products that aren't quite as white. Given the extraordinary attention being paid to environmental issues -- especially in North America and Europe -- I'm confident that we'll accomplish that goal."
 The dissolving pulp mill operated by L-P's Ketchikan Pulp Co. subsidiary hasn't yet been as successful in eliminating chlorine, but research is continuing.
 L-P's annual stockholders meeting followed a regular quarterly meeting of the company's board of directors. At that meeting, the board declared a three-for-two stock split. The split will take the form of a stock dividend to be mailed on June 5 to stockholders of record on May 15.
 The board also voted to increase the company's quarterly cash dividend to 30 cents per share. This represents an 11-percent increase and an annual rate of $1.20 per share. The first quarterly dividend at the increased rate will be paid May 29 to stockholders of record May 15. The 30-cent quarterly dividend will be paid prior to the effect of the stock split. Following the stock split, the company anticipates maintaining the same quarterly dividend rate on a post- split basis of 20 cents per share or an annual rate of 80 cents per share.
 Louisiana-Pacific is a major forest products company known for its innovation in developing high performance, affordable, environmentally sound building materials.
 -0- 4/28/92
 /CONTACT: Barry Lacter of Louisiana-Pacific, 503-221-0800/
 (LPX) CO: Louisiana-Pacific Corp. ST: Oregon IN: PAP SU: DIV


SC -- SE008 -- 3840 04/28/92 13:07 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 28, 1992
Words:554
Previous Article:HOME SHOPPING ESTABLISHES NATIONAL CALL CENTER
Next Article:BROAD INC. ANNOUNCES 29 PERCENT QUARTERLY EARNINGS GROWTH; SIX MONTH SALES MORE THAN DOUBLE TO RECORD $1.2 BILLION


Related Articles
LOUISIANA-PACIFIC BOARD INCREASES CASH DIVIDEND; DECLARES THREE-FOR-TWO STOCK SPLIT
LOUISIANA-PACIFIC CHIEF EXECUTIVE OFFICER TO WIELD HAMMER AT HABITAT FOR HUMANITY/JIMMY CARTER PROJECT IN D.C.
LOUISIANA-PACIFIC ISSUES STATEMENT REGARDING SUPPLY AND PRICING OF ITS BUILDING MATERIALS IN THE WAKE OF HURRICANE ANDREW
LOUISIANA-PACIFIC REPORTS BEST QUARTER EVER
LOUISIANA-PACIFIC PETITIONS EPA TO INCLUDE CHLORINE-FREE PULP IN ITS PAPER PROCUREMENT GUIDELINES
LOUISIANA-PACIFIC PETITIONS EPA TO INCLUDE CHLORINE-FREE PULP IN ITS PAPER PROCUREMENT GUIDELINES
LOUISIANA-PACIFIC SIGNS LETTER OF INTENT TO BUILD OSB PLANT IN IRELAND
LOUISIANA-PACIFIC BOARD INCREASES DIVIDEND; DECLARES TWO-FOR ONE STOCK SPLIT
LOUISIANA-PACIFIC HOLDS ANNUAL STOCKHOLDERS MEETING
LOUISIANA-PACIFIC HOLDS ANNUAL STOCKHOLDERS MEETING

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters