Willamette Now Running Under Weyerhaeuser

Willamette Industries, Portland, Or., is now operating as a wholly owned subsidiary of Weyerhaeuser Co., officially completing the yearslong hostile takeover.

Willamette's board reluctantly agreed to Weyerhaeuser's $6.2 billion offer-plus assumption of $1.7 billion in debt-after its own planned acquisition of Georgia-Pacific's building products group fell through.

Although the Willamette name may be phased out, at least until June I the company will function as a separate division headed by Weyerhaeuser's senior v.p.-timberlands, Richard E. Hanson, now chairman of the Willamette Interim Operating Committee and executive v.p.-timberlands.

A collection of transition leams comprised of both Willamette and Weyerhaeuser employees are analyzing ways to best integrate the companies. By June l, the teams are expected to make their recommendations to Weyerhaeuser. Then, the teams will be dissolved, and the changes implemented over the next 12 months.

Several top Willamette executives have left the company, including c.e.o. Duane McDougall, c.f.o. Greg Haw- ley, and Eddie McMillan, executive v.p.-building materials group.

Weyerhaeuser c.e.o. Stephen Rogel said the two companies are already working together at the operations and marketing level, such as making joint

The combined company will have just one headquarters (Federal Way, Wa.), but considering their extensive operations in Oregon, Rogel said "there's bound to be some sort of regional office" in Willamette's home base of Portland.

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