Printer Friendly

PROCTER & GAMBLE TO SELL PULP BUSINESS IN CANADA AND GEORGIA TO WEYERHAEUSER

 PROCTER & GAMBLE TO SELL PULP BUSINESS
 IN CANADA AND GEORGIA TO WEYERHAEUSER
 CINCINNATI, Aug. 20 /PRNewswire/ -- The Procter & Gamble Company (NYSE: PG) announced today that it has signed an agreement to sell part of its pulp and timber business to the Tacoma, Wash.-based Weyerhaeuser Company (NYSE: WY) for $600 million.
 The sale includes pulp mills in Grande Prairie, Alberta, and Oglethorpe, Ga., and saw mills in Grande Prairie and Grande Cache, Alberta, and Barnesville, Ga. Also, approximately 175,000 acres of Georgia timberland are part of the sale.
 As part of the agreement, Weyerhaeuser will offer continued employment to all employees at facilities in Georgia and Alberta.
 "We are pleased with our agreement with Weyerhaeuser," said P&G chairman of the board and chief executive Edwin L. Artzt. "We received a fair price for the pulp mills and our employees will be joining a fine company. Weyerhaeuser places a high value on its people and shares many of the same values and principles as P&G. We look forward to working with Weyerhaeuser as a supplier of pulp from these mills."
 Weyerhaeuser Company president and chief executive officer Jack Creighton said, "We think this acquisition is a great fit, a great opportunity and a win-win for both companies. The fit is right because making pulp and lumber and growing trees are core businesses. The facilities are top performers, the people are highly skilled and motivated and P&G is an excellent company and customer. Both companies embrace and employ Total Quality as a key business strategy."
 Separately, P&G is reviewing proposals from potential buyers for the remainder of its pulp and timber business which includes a pulp mill and 665,000 acres of timberland in northern Florida, and a cotton linters pulp plant and the Cellulose and Specialties Division headquarters site in Memphis, Tenn.
 P&G announced in March it would sell its pulp business because it was no longer a strategic fit with the company's long-term interests. The company's objective is to focus more on its core consumer businesses in health care, beauty care, laundry and cleaning products, paper products and food and beverage products around the world.
 P&G had worldwide sales of $29 billion in fiscal 1991-1992. The Company makes and markets a wide range of products for both consumer and institutional use worldwide. P&G does business in more than 140 countries.
 -0- 8/20/92
 /CONTACT: Kelly Lewis, 513-983-1118; or Scott Stewart, 513-983-8058; both of Procter & Gamble; or Mike Walters, 206-924-3423; or Mike Bickford, 206-924-3207; both of Weyerhaeuser/
 (PG WY) CO: Procter & Gamble; Weyerhaeuser ST: Ohio, Washington IN: PAP SU:


KK -- CL007 -- 1673 08/20/92 11:35 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:Aug 20, 1992
Words:446
Previous Article:SPECIAL EVENT FOR 100TH ANNIVERSARY OF LOCAL FOUNDRY
Next Article:TOPOX ANNOUNCES RESULTS FOR THE FIRST QUARTER ENDED JUNE 30, 1992
Topics:


Related Articles
PROCTER & GAMBLE PLANS TO SELL PULP BUSINESS
WEYERHAEUSER STRENGTHENS CORE BUSINESSES WITH AGREEMENTS TO PURCHASE PROCTOR & GAMBLE PULP MILLS, SAWMILLS, TIMBERLANDS
Proctor & Gamble selling pulp business to Weyerhaeuser.
WEYERHAEUSER STRENGTHENS THREE CORE BUSINESSES WITH COMPLETION OF ACQUISITION OF PROCTER & GAMBLE MILLS, TIMBERLANDS
GEORGE H. WEYERHAEUSER JR. TO LEAD WEYERHAEUSER CANADA
RICHARD C. GOZON SELECTED TO LEAD WEYERHAEUSER PULP, PAPER AND PACKAGING BUSINESSES
Willamette Looks to Buy G-P's Building Business. (Forestry).
Top 10: recovery is in the air but profits remain thin.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters