Director, Investor Relations
(206) 467-3600 or 1-800-858-5347
SEATTLE, WASHINGTON - February 14, 2001 -- Plum Creek Timber Company, Inc. (NYSE: PCL) announced today it had signed a definitive agreement with Pope Resources, a Delaware limited partnership, for the sale of 44,500 acres of Plum Creek timberlands located in southwest Washington. The transaction, which is subject to financing, is valued at approximately $54 million and is expected to close in the first quarter.
"This was an opportunity to sell timberlands, whose age class profile met the needs of Pope Resources better than ours, at an excellent valuation," said Rick R. Holley, Plum Creek President and CEO. "It is a win-win for both companies. We will use the proceeds to strengthen our balance sheet and provide flexibility to pursue our own timberland acquisition strategy."
Holley added, "We are pleased that these timberlands are being purchased by Pope Resources, another organization known for its high quality timberland management and stewardship ethic."
Plum Creek, a real estate investment trust (REIT), is the fourth largest timberland owner in the nation, with timberlands in the Northwest, South and Northeast regions of the United States, and nine wood product mills in the Northwest.