OTHER NEWS - Nov. 9, 1994
From Times Staff and Wire Reports
Maxxam Rejects Alternatives for Pacific Lumber: The company said it has hired Salomon Bros. to examine alternatives for its Pacific Lumber Co. unit but that it has decided against pursuing any of the suggestions. The Wall Street Journal reported that Maxxam Inc. Chairman Charles Hurwitz, who controls 60% of the Houston-based firm, was exploring the sale of most of the lumber unit, for which he had hoped to get at least $1 billion. Hurwitz was said to be tired of pressure from environmental lawsuits, regulations and Congress affecting the firm’s logging plans. A Maxxam spokesman did not identify the suggestions or describe Maxxam’s plans for Pacific Lumber, the world’s biggest producer of redwood lumber.
