SEATTLE, Mar 28, 2005 (BUSINESS WIRE) -- Plum Creek Timber Company, Inc. (NYSE:PCL) todayannounced that it has signed a definitive agreement to purchaseapproximately 56,000 acres of timberland in Florida from Soterra LLC,a subsidiary of Greif, Inc. The transaction, valued at approximately$90 million, is subject to the completion of due diligence and isexpected to close in several phases. The first phase of approximately$50 million is expected to close during the second quarter of 2005with the remaining phases closing over the next 18 months.
"Plum Creek owns and sustainably manages nearly 580,000 acres oftimberland in Florida. The addition of these well-managed landsexpands our current ownership in attractive Florida timber markets,"said Rick Holley, president and chief executive officer.
Plum Creek is one of the largest private timberland owners in thenation, with approximately 8 million acres of timberlands in majortimber producing regions of the United States and 10 wood productsmanufacturing facilities in the Northwest.
SOURCE: Plum Creek Timber Company, Inc.
Plum Creek Timber Company, Inc.
Kathy Budinick, 206-467-3620 (Media)
John Hobbs, 800-858-5347 (Investors)