OTHER NEWS - June 21, 1995
<i> Times Staff and Wire Reports</i>
Fibreboard Corp. to Sell Wood Products Unit: The Walnut Creek, Calif.-based maker of wood and vinyl products and industrial insulation said it has signed a letter of intent to sell the assets of its wood products operations to Anderson, Calif.-based Sierra Pacific Industries for an estimated $240 million to $250 million. The assets include about 76,000 acres of timberland and facilities at Standard, Chinese Camp, Red Bluff and Keystone, all in Central California. Fibreboard said it expects after-tax cash proceeds of between $170 million and $180 million, with a gain for financial reporting purposes of between $75 million and $80 million, or about $8.50 a share. Aside from timberland, Fibreboard owns and operates two California resorts.
