Willamette Reaches Agreement in Principal for Sale to Weyerhaeuser For $55.50 Per Share in Cash

Ends Negotiations With Georgia-Pacific

Jan 21, 2002, 00:00 ET from Willamette Industries,

    PORTLAND, Ore., Jan. 21 /PRNewswire-Firstcall/ --
 Willamette Industries (NYSE:   WLL) today announced that it has reached an
 agreement in principal for the sale of Willamette to Weyerhaeuser (NYSE:   WY)
 for $55.50 per share in cash, subject to negotiation of a definitive merger
 agreement.  The Company also announced that negotiations with Georgia-Pacific
 Corp. (NYSE:   GP) have ended.  The Weyerhaeuser agreement will be considered at
 a Willamette Board meeting expected to be convened prior to the end of
     Willamette Industries is an integrated forest products company with
 106 plants, located in the U.S., France, Ireland and Mexico.  The Company owns
 1.7 million acres of forestland in the U.S. and manages it sustainably to
 produce building materials, composite wood panels, fine paper, office paper
 products, and corrugated packaging and grocery bags.
     Forward-looking statements in this release are made pursuant to the safe
 harbor provisions of the Private Securities Litigation Reform Act of 1995. Any
 such forward looking statement made by Willamette with respect to the
 Weyerhaeuser tender offer is not entitled to the benefit of the safe harbor
 protections of the Private Securities Litigation Reform Act of 1995. Such
 forward-looking statements are subject to risks and uncertainties and actual
 results could differ materially from those projected. Such risks and
 uncertainties include, but are not limited to, the effect of general economic
 conditions; the level of new housing starts and remodeling activity; the
 availability and terms of financing for construction; competitive factors,
 including pricing pressures; the cost and availability of wood fiber; the
 effect of natural disasters on the Company's timberlands; construction delays;
 risk of nonperformance by third parties; and the impact of environmental
 regulations and other costs associated with complying with such regulations.
 Please refer to Willamette Industries' Securities and Exchange Commission
 filings for further information.

SOURCE Willamette Industries,