A series of dispersion-resin plywood formulations were prepared in the laboratory and their bond performance assessed on incised spruce veneer at 10% m.c. Excellent bond quality results were achieved in these laboratory experiments as indicated by high average % wood failure values of over 90%. To further develop the plywood dispersion resin, a pilot plant trial at a gluing company was conducted and again excellent bond quality results were achieved. A large quantity of the plywood dispersion resin was prepared and a successful mill trial at Cantree Plywood was carried out. This trial demonstrated that more dimensionally stable panels can be prepared from high m.c. veneer. The waferboard dispersion technology developed in this study helped facilitate a mill trial using high moisture content face wafers.