Seattle, Washington, USA 27 October 2014 -- (BUSINESS WIRE) -- Plum Creek Timber Company, Inc. (NYSE: PCL) announced today it has reached an agreement to sell approximately 165,000 acres of Montana and Washington forestland to The Nature Conservancy (TNC) for $134 million.
The sale is part of an effort to unite the checkerboard land ownership patterns of these lands. The agreement includes timberlands located at relatively high elevations with slower growing trees. While less productive for timber operations, these lands are desired for forest conservation, recreation, public access, and ecological protection. They are among the most ecologically diverse and intact biological systems remaining in the United States, including lands in the lower Blackfoot Valley near Missoula, Montana, located in the Crown of the Continent, and also lands on both sides of Interstate 90 between Snoqualmie Pass and Ellensburg in Kittitas County, Washington, located in the Heart of the Cascades.
"Plum Creek has a strong history of conservation and is pleased to partner in the sale of these lands to accommodate the public interest in securing permanent conservation that protects ecological and recreational values," said Rick Holley, chief executive officer for Plum Creek. "This is an important conservation project that recognizes the highest benefit these lands offer -- protecting ecological values and helping to maintain public access. We are pleased that we were able to work with TNC to conserve some of the nation's most important forest areas," said Holley.
The property will be acquired by The Nature Conservancy in two phases, the first closing in the fourth quarter of 2014 and the second closing by end of the first quarter of 2015. The transaction is subject to various customary closing conditions, including but not limited to the buyer's due diligence review of the lands to be purchased and approval by each party's board of directors.
Plum Creek is among the largest and most geographically diverse private landowners in the nation with approximately 6.7 million acres of timberlands in forest ecosystems across the northern and southeastern United States. We also operate wood products mills in the Northwest. As the company celebrates its 25th anniversary as a publicly traded corporation, we continue to manage our working forests and lands using sustainable practices to benefit Plum Creek's many stakeholders. Our talented employees work together to create shareholder value, serve as stewards of the environment, make wood products for everyday use, and build strong communities. Please visit www.plumcreek.com for the latest information about Plum Creek.
This press release contains forward-looking statements within the meaning of the Private Litigation Reform Act of 1995, as amended, concerning the land sale transaction discussed herein. These forward-looking statements are generally identified by words such as "expected," "to be," or "will," and similar words or expressions or the negative of those words or expressions. These forward-looking statements are based on our own expectations, and the accuracy of our expectations and thus the accuracy of these forward-looking statements are subject to a number of risks, uncertainties and assumptions. These include, but are not limited to, our assumption that the contingencies described in this press release, as well as others, will be satisfied as expected and the uncertainty and risk that one or more such contingencies will not be satisfied. It is likely that if one or more of the risks materializes, or if one or more assumptions prove to be incorrect, our current expectations concerning the land transaction discussed herein will not be realized. All forward-looking statements speak only as of the date made, and neither the company nor its management undertakes any obligation to update or revise any forward-looking statements.