|shareholders letter||| Our growth story||| 100 years and growing||| Download report|
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Another impressive initiative is our Purchasing Improvement Effort (PIE). PIE leverages our companywide buying power to reduce spending for goods and services, trim supply inventories and streamline purchasing transactions. So far we're approaching $200 million in annual savings through PIE. In future years, we expect to achieve additional incremental savings.
So as we celebrate our centennial, we take pride in the achievements of our first 100 years. But our excitement is even greater for what we can achieve during our second century. As a leader in an industry that fulfills the basic and universal human needs for shelter, communications and commerce, we are positioned for a great future. But we must execute our strategies and operate efficiently. To do that, we'll find better ways to work while operating within the bounds that society and ethics demand. We'll eliminate needless duplication. We'll keep capital spending under control. We'll take on strategic growth opportunities. At Weyerhaeuser, the future is growing. While most people relate that statement to the billions of trees we've planted, we believe it also applies to our ability to increase shareholder returns. While we made good progress toward that goal in 1999, we'll do an even better job in the future.
We're committed to making Weyerhaeuser one of the best investments not only in our industry, but in any industry. That's a commitment we're making to you and one we intend to fulfill.
Steven R. Rogel
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