Willamette Industries posted pre-tax profits up 32% to US$433.9m for 2000 – despite the mounting costs incurred fighting the hostile takeover bid from Weyerhaeuser.
Willamette saw its profits rise on the back of sales ahead 9.3% to US$4.7bn.
President Duane McDougall said: ‘While the building materials market remains at the bottom of the cycle in terms of pricing across product lines, our plants continued to run efficiently and we began to see the benefits of increased timber availability on raw material costs.’
Weyerhaeuser has been pursuing Willamette since 1998. On November 6 it made a formal proposal offering to acquire the company for US$48 a share and to assume Willamette’s US1.7bn debt. Nine days later the Willamette board unanimously rejected the offer but by early January 48% had agreed to Weyerhaeuser’s terms. The deadline on the offer is February 1.
