SEATTLE--(BUSINESS WIRE)--Plum Creek (NYSE:PCL) announced today that it completed itspreviously approved $200 million open-market share repurchase programand that its board of directors authorized an additional $200 millionshare repurchase program. The program authorizes the company, at itsown discretion, to periodically buy back shares of its outstandingcommon stock with open-market purchases as market conditions warrant.
Plum Creek completed its previously approved program earlier thismonth, repurchasing $149 million, or 3.6 million shares, of commonstock between October 1 and October 17. The shares were repurchased atan average price of $41.76 per share and the repurchase reduced stockoutstanding by approximately 2 percent.
"This action underscores our conviction about the long-term valueof our assets and our strategy to create and capture shareholdervalue," said Rick Holley, president and chief executive officer."Through these actions, we have acquired attractively priced timberand land assets in the stock market, increasing our shareholders'proportionate ownership interest in these assets. We will continue ourdisciplined approach to capital allocation, taking into considerationall our options for long-term value creation."
Plum Creek is the largest and most geographically diverse privatelandowner in the nation with more than 7 million acres of timberlandsin major timber producing regions of the United States and 10 woodproducts manufacturing facilities in the Northwest.
This press release contains forward-looking statements within themeaning of the Private Litigation Reform Act of 1995 as amended. Someof these forward-looking statements can be identified by the use offorward-looking words such as "believes," "expects," "may," "will,""should," "seek," "approximately," "intends," "plans," "estimates," or"anticipates," or the negative of those words or other comparableterminology. The accuracy of such statements is subject to a number ofrisks, uncertainties and assumptions including, but not limited to,the cyclical nature of the forest products industry, our ability toharvest our timber, our ability to execute our acquisition strategy,the market for and our ability to sell or exchange non-strategictimberlands and timberland properties that have higher and betteruses, and various regulatory constraints. These and other risks,uncertainties and assumptions are detailed from time to time in ourfilings with the Securities and Exchange Commission under theSecurities Exchange Act of 1934, as amended, and the Securities Act of1933, as amended. It is likely that if one or more of the risksmaterializes, or if one or more assumptions prove to be incorrect, thecurrent expectations of Plum Creek and its management will not berealized. Forward-looking statements are not guarantees ofperformance, and speak only as of the date made, and neither PlumCreek nor its management undertakes any obligation to update or reviseany forward-looking statements.
Source: Plum Creek