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Triple Point Technology Wins Trading System Contract With Weyerhaeuser
Cross-Commodity Risk Management and Trading Technology To Be Deployed Immediately
WESTPORT, Conn., January 4, 2000 - Triple Point Technology, Inc. (www.tpt.com), the leading provider of enterprise-wide commodity trading software, today announced the signing of a contract to provide risk management and trading technology to Weyerhaeuser Company (NYSE: WY), one of North America's largest forest products companies.
Weyerhaeuser is the world's largest producer of softwood lumber and market pulp and the world's largest owner of softwood timber. The company also is the third largest producer of containerboard in the United States and the world's second largest manufacturer of oriented strand board (OSB). Weyerhaeuser has recently created Weyerhaeuser Trading, a special trading group that brings together the most experienced and knowledgeable traders in the business.
Under the terms of the contract, Triple Point will develop and deploy a cross-commodity trading system to process Weyerhaeuser's commodity and foreign exchange trading activity. Weyerhaeuser Trading will use the Triple Point system to manage its new risk management products program. Weyerhaeuser Trading's risk management program was recently created in response to the industry's demand for forward based and guaranteed physical and financial pricing for lumber and OSB. The risk management program will provide building materials producers and end users with the customized contracts necessary to control their exposures to fluctuating lumber and OSB prices.
TEMPEST 2000, Triple Point's industry-proven Windows-based commodities trading system, will be the core of the Weyerhaeuser Trading risk management products system. TEMPEST 2000 is an integrated front-to-back office trading system for the physical and derivative commodity markets. The system provides trade processing, real-time position management, mark-to-market and realized profit/loss reporting, contract/confirmation administration, physical scheduling, traffic operations, trade settlement, invoicing and financial operations, and customer credit analysis.
For Weyerhaeuser, Triple Point will extend the core TEMPEST system to provide sophisticated risk management functions, foreign exchange hedging capabilities, and specific requirements of the forest products trading market. Weyerhaeuser will initially deploy the system in its Toronto, Ontario office.
"The volatility of lumber and OSB prices affects the business profitability and efficiency of both consumers and producers in this industry," said Chip Register, Managing Director of Weyerhaeuser Trading. "Weyerhaeuser Trading now provides a wide range of risk management products that will potentially help our clients better manage the price risks that directly affect their bottom line. As part of this new business initiative, Weyerhaeuser Trading needs a system that will manage our trading transactions and monitor our market exposures. Triple Point offers a solution that met our needs by combining their robust software with trading and risk management expertise to deliver a custom solution."
"Triple Point is in a position to provide leading-edge, custom solutions to all commodity markets," said Peter F. Armstrong, Triple Point director of business development. "Weyerhaeuser's selection of Triple Point reflects the acceptance we are receiving from the largest, most sophisticated traders in all markets."
About Weyerhaeuser Company
Weyerhaeuser Company one of the world's largest integrated forest products companies, was incorporated in 1900. In 1998, sales were $10.8 billion. It has offices or operations in 12 countries, with customers worldwide. Weyerhaeuser is principally engaged in the growing and harvesting of timber; the manufacture, distribution, and sale of forest products; and real estate construction, development and related activities. Additional information about Weyerhaeuser's businesses, products or practices is available at www.weyerhaeuser.com.
About Triple Point Technology, Inc.
Triple Point Technology, Inc. provides fully-integrated commodities trading business systems to major oil companies, investment banks, utilities, power traders, metals traders, and other global trading organizations. The company leverages technical, business, and trading expertise to help customers reengineer their business processes and develop efficient commodities trading business systems.
Founded in 1993, Triple Point is headquartered in Westport, Connecticut and operates satellite offices in New York, Houston, London, and Singapore. Its clients include such leading worldwide trading enterprises as ARCO Aluminum, Koch Industries, Morgan Stanley, Noranda Aluminum, the Tennessee Valley Authority (TVA), Trafigura, Williams Energy, Rudolf Wolff, and Repsol YPF.
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