Printer Friendly


 BOISE, Idaho, Aug. 26 /PRNewswire/ -- The board of directors of TJ International (NASDAQ: TJCO) today approved a two-for-one stock split and an ambitious capital expansion plan for its Trus Joist MacMillan (TJM) joint venture subsidiary. These plans include construction of a second TimberStrand(TM) laminated strand lumber (LSL) manufacturing plant in Hazard, Ky.; preliminary work on a new greenfield, combination MICRO=LAM(R) and Parallam(R) engineered lumber plant at an undisclosed site in the southern United States; and expansion of three existing engineered lumber facilities. These expansion projects will be considered on Sept. 15 by the board of Trus Joist MacMillan's other owner, MacMillan Bloedel, Canada's largest forest products company.
 At its regular quarterly meeting today, the TJ International board voted to split the stock two-for-one in the form of a 100 percent stock dividend to stockholders of record as of Sept. 7. It will be paid on Oct. 1. The board also voted to increase the dividend paid on the split stock from 5 1/4 cents per share to 5 1/2 cents per share. This increased dividend will be payable to stockholders of record as of Sept. 24, and will be paid on Oct. 20.
 The board also agreed to proceed with a new TimberStrand laminated strand (LSL) plant in Hazard, Ky. Construction of the approximately $100 million project is scheduled to begin in mid-September. Completion and start-up of the facility, which will eventually employ about 120 people, is anticipated in mid-1995.
 TJ International chief executive officer Walt Minnick said significant progress has been made in the production process at TJM's first laminated strand lumber plant in Deerwood, Minn., and increasing demand for these products warrants additional capacity. He added that the company is continuing to examine potential sites for a third TimberStrand LSL plant, although that project has not been put on a definitive timetable.
 The board also gave the go-ahead for Trus Joist MacMillan to begin site-specific engineering and the governmental approval process to build another unique engineered lumber manufacturing facility in the southern United States. This plant, if it is subsequently approved by both the TJ International and MacMillan Bloedel boards, will be the first facility to manufacture both MICRO=LAM laminated veneer lumber (LVL) and Parallam parallel strand lumber (PSL) under one roof. The estimated cost of this project is approximately $75 million, and it will employ about 120 people. If all goes as planned, it would begin production in late 1995.
 Other capital expenditures approved by the board include expanding capacity at existing facilities in Louisiana, Georgia and western Canada.
 Trus Joist MacMillan is the recognized leader in developing high- strength, engineered lumber substitutes for structural lumber traditionally obtained from large saw-timber logs which are becoming increasingly scarce and expensive. Its technologies enable the use of varying sized logs and a wide range of wood species.
 Trus Joist MacMillan manufactures large-dimension beams and floor joists primarily for the residential and commercial construction markets. Its engineered lumber products are also used as high-quality components in industrial applications such as millwork and furniture construction.
 TJ International is a specialty building products company headquartered in Boise. In addition to serving as managing partner and majority owner of Trus Joist MacMillan, the company manufactures windows through U.S. subsidiary Norco Windows and Canadian subsidiaries Dashwood Industries and Laflamme & Frere. TJ International's 1992 sales were $400 million.
 (R) -- MICRO=LAM and Parallam are registered trademarks of Trus Joist MacMillan, A Limited Partnership, Boise, Idaho.
 (TM) -- TimberStrand is a trademark of Trus Joist MacMillan, A Limited Partnership, Boise, Idaho.
 -0- 8/26/93
 /CONTACT: Walt Minnick of TJ International, 208-345-8500, or after hours, 208-345-3036; or Russ Stoddard of Oliver Russell & Associates, 208-344-1734, or after hours, 208-336-8450, for TJ International/

CO: TJ International; MacMillan Bloedel ST: Idaho, Kentucky IN: PAP SU:

JH-RB -- SE004 -- 6264 08/26/93 14:58 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 26, 1993

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