SEATTLE--(BUSINESS WIRE)--Oct. 9, 2003--Plum Creek Timber Company,Inc. (NYSE:PCL) today announced the signing of a definitive agreementto sell approximately 41,000 acres of land in west-central Montana toThe Nature Conservancy for $30 million. The transaction is expected toclose in three phases during 2004, subject to the completion of duediligence.
The Blackfoot Challenge, a local group of private landowners,public agencies and conservation groups, worked with one of theirpartners, The Nature Conservancy, to secure these lands from PlumCreek. The parties also signed a multi-year option agreement topurchase an additional 48,000 acres of Plum Creek lands forapproximately $38 million.
The Blackfoot Challenge will guide the future ownership of theselands.
Plum Creek is one of the largest land and timber owners in thenation, with over eight million acres of timberlands in major timberproducing regions of the United States and 10 wood productsmanufacturing 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 "expects," or "may," or the negative ofthose words or other comparable terminology. The accuracy of suchstatements is subject to a number of risks, uncertainties andassumptions including, but not limited to the satisfaction ofcustomary closing conditions. This and other risks, uncertainties andassumptions are detailed from time to time in our filings with theSecurities and Exchange Commission under the Securities Exchange Actof 1934, as amended, and the Securities Act of 1933, as amended. It islikely that if one or more of the risks materializes, or if one ormore assumptions prove to be incorrect, the current expectations ofPlum Creek and its management will not be realized. Forward-lookingstatements are not guarantees of performance, and speak only as of thedate made, and neither Plum Creek nor its management undertakes anyobligation to update or revise any forward-looking statements.
CONTACT: Plum Creek Timber Company, Inc.
John Hobbs, 800-858-5347 (Investors)
Kathy Budinick, 206-467-3620 (Media)
SOURCE: Plum Creek Timber Company, Inc.