RMK TIMBERLAND GROUP PURCHASES NORTHWEST WISCONSIN LAND
HAYWARD, Wis.--June 25, 2009--RMK Timberland Group (RMK) and Plum Creek today announced the sale and purchase of approximately 60,000 acres of Wisconsin land in Sawyer, Price, Ashland and Rusk Counties. Through the purchase, which closed on June 24, 2009, RMK took immediate ownership of the land previously owned by Plum Creek.
RMK is a timberland investment management organization. With this purchase, the company now manages more than 120,000 acres of Wisconsin forestlands. Plum Creek continues to own approximately 260,000 acres of land throughout Wisconsin, including approximately 52,500 acres across Sawyer, Price, Ashland and Rusk Counties.
“This was a good opportunity to add high-quality timberlands to our Wisconsin land base. These Wisconsin lands have been well-managed by Plum Creek and are a natural fit for our client,” said Charlie Daniel, president and chief information officer of RMK. “We look forward to expanding our presence in Wisconsin and becoming a larger part of the communities where we acquire and manage client assets.”
“RMK, like Plum Creek, is an important part of the state’s forest products industry, and we are pleased this sale agreement could be reached,” said Scott Henker, senior resource manager for Plum Creek’s Lake States Region. “It has allowed our company to take advantage of a market opportunity, while allowing RMK to increase its role in the state.”
RMK Timberland Group operates as a business unit partner of Regions Morgan Keegan Trust and Morgan Asset Management, the trust and asset management arm of Regions Financial Corporation. Based in Atlanta, Ga., RMK was created in 1981 and was a pioneer in timberland investing when it started one of the first commingled timberland funds for institutional investors.
Today, RMK manages separate accounts and commingled funds with over $1.7 billion in timberland assets. RMK currently manages in excess of 1.3 million acres across the United States and in South America. Clients include corporate and public pension funds, endowments and foundations, and high net-worth individuals. For more information on RMK Timberland Group, visit www.rmktimberland.com.
Plum Creek is the largest and most geographically diverse private landowner in the nation with approximately 7 million acres of timberlands in major timber producing regions of the United States and wood products manufacturing facilities in the Northwest. In Wisconsin, Plum Creek practices sustainable forestry in 26 counties throughout the state. For more information on Plum Creek in Wisconsin, visit www.plumcreek.com/wisconsin.