SEATTLE--(BUSINESS WIRE)--Plum Creek Timber Company, Inc. (NYSE: PCL) today announced it has completed the acquisition of approximately 501,000 acres of industrial timberlands, associated mineral and wind assets, and interests in approximately 109,000 acres of high-value rural and development quality lands from MeadWestvaco Corporation.
“Through this cash-accretive transaction, Plum Creek meaningfully grows our core timber management business while also adding to our land and non-timber resources businesses,” said Rick Holley, chief executive officer. “By significantly increasing our assets in the Southeast, we expand our presence in key markets, enhance our ability to service customers, and are well positioned to capture value from these assets as markets continue to improve.”
Title, escrow and closing services for this transaction were provided by First American Title, Atlanta NCS.
Plum Creek is among the largest and most geographically diverse private landowners in the nation with approximately 6.8 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.