SEATTLE--(BUSINESS WIRE)--Dec. 14, 2004--Plum Creek TimberCompany, Inc. (NYSE:PCL) today announced that it has signed anagreement to purchase 48,500 acres of timberland in Maine's MooseheadLake and Sebec regions. This acquisition includes 19,000 acres in thetown of Bowerbank, 8,900 acres in Beaver Cove Township, and 20,600acres in Indian Stream and Squaretown Townships. This will bring thecompany's ownership in Maine to 953,000 acres. Terms of the sale havenot been disclosed. The purchase is expected to close by year-end.
Plum Creek also announced that it is preparing a comprehensiveResource Plan for land the company owns in the Greenville and Rockwoodareas. The Plan area will cover approximately 40 percent of thecompany ownership in the state. Plum Creek will file an applicationfor the Plan with Maine's Land Use Regulation Commission in early2005.
The Resource Plan will retain more than 95 percent of the land thecompany owns in the Plan area as a working forest for long-term timberproduction and conservation; provide public access over designated andplanned trails in perpetuity; provide zoning for business development,tourism and recreation; prevent development by conserving land arounda significant number of lakes and ponds; and allow for plannedresidential development.
"Plum Creek recognizes that the Greenville and Rockwood areas area recreational hub and gateway to the Moosehead Lake region and theNorth Woods," said Rick Holley, president and chief executive officer."That's why we're working to develop a thoughtful, long-term,comprehensive Plan that addresses the important community values andneeds of this area of the State. This Plan will help maintain theeconomic viability of the forest products industry, preserve landswith significant conservation values, promote permanent recreationaccess to key trails, and stimulate job creation and economicdevelopment."
Additionally, Plum Creek has entered into discussions with theState of Maine Department of Conservation regarding the potential fornew conservation transactions including the Roach Pond Region near the100 Mile Wilderness Area, and the Moose River Bow Trip area of thestate. In earlier conservation transactions, Plum Creek sold 29 milesof shoreline around Moosehead Lake and 445 acres along the KennebecRiver to the state.
"In 1998, Plum Creek purchased more than 900,000 acres oftimberland in Maine. Since then, the company has practiced sustainableforestry and allowed public access on all of its timberlands in thestate," said Jim Lehner, general manager Northeast Region. "Thecompany's purchase of an additional 48,500 acres of timberland in thestate is evidence of Plum Creek's long-term commitment to Maine.
"We believe that the Resource Plan will be good for the citizensof Maine and good for Plum Creek. It will accommodate importantcommunity values and needs of the state, while providing Plum Creek apredictable environment in which to operate in the state over the longterm."
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.
CONTACT: Plum Creek Timber Company, Inc.
Maine Media: Jim Lehner 207-453-2527 x140
Other Media: Kathy Budinick 206-467-3620
Investors: John Hobbs 1-800-858-5347
SOURCE: Plum Creek Timber Company, Inc.