SEATTLE, Aug 04, 2010 (BUSINESS WIRE) --
Plum Creek Timber Company, Inc. (NYSE:PCL) announced that its board of directors authorized a new $200 million share repurchase program. The program authorizes the company, at its own discretion, to periodically buy back shares of its outstanding common stock with open-market purchases as market conditions warrant.
Plum Creek completed its previously approved $200 million share repurchase program in May 2010, repurchasing $50 million, or 1.37 million shares, of common stock at an average price of $36.37 per share.
"We remain focused on shareholder value creation and will continue our disciplined approach to capital allocation. Plum Creek stock remains the most compelling timberland investment available in today's market," said Rick Holley, president and chief executive officer.
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. For more information, visit www.plumcreek.com.
This press release contains forward-looking statements within the meaning of the Private Litigation Reform Act of 1995 as amended. Some of these forward-looking statements can be identified by the use of forward-looking words such as "believes," "expects," "may," "will," "should," "seek," "approximately," "intends," "plans," "estimates," or "anticipates," or the negative of those words or other comparable terminology. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions including, but not limited to, the cyclical nature of the forest products industry, our ability to harvest our timber, our ability to execute our acquisition strategy, the market for and our ability to sell or exchange non-strategic timberlands and timberland properties that have higher and better uses, and various regulatory constraints. These and other risks, uncertainties and assumptions are detailed from time to time in our filings with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended, and the Securities Act of 1933, as amended. It is likely that if one or more of the risks materializes, or if one or more assumptions prove to be incorrect, the current expectations of Plum Creek and its management will not be realized. Forward-looking statements are not guarantees of performance, and speak only as of the date made, and neither Plum Creek nor its management undertakes any obligation to update or revise any forward-looking statements.
SOURCE: Plum Creek Timber Company, Inc.
Plum Creek Timber Company, Inc.
John Hobbs, 1-800-858-5347
Kathy Budinick, 1-888-467-3751