SEATTLE, Jun 04, 2010 (BUSINESS WIRE) --Plum Creek Timber Company, Inc. (NYSE: PCL) announced today that it repurchased $50 million of its common stock, completing its previously announced $200 million open-market share repurchase program. The company expects to seek authorization of a new open-market share repurchase program at its next scheduled Board of Directors meeting. During the second quarter, the company repurchased approximately 1.37 million shares at an average price of $36.37 per share. As of June 1, 2010, Plum Creek had approximately 161.6 million shares outstanding.
"Disciplined capital allocation is at the heart of Plum Creek's long-term strategy for shareholder value creation. We are convinced that the most compelling timber investment available in today's market is our own stock," 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 http://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