Plum Creek Timber Buying 501,000 Acres in Southeast; 36,000 in Georgia
Tuesday, October 29th, 2013
Plum Creek Timber Co. is adding to its land holdings in the Southeast including 36,000 acres in Georgia.
On Monday Oct. 28, Plum Creek announced that it had signed a $1.1 billion purchase and sale agreement to acquire about 501,000 acres of industrial timberlands, associated wind and mineral assets, and an interest in about 109,000 acres of high-value rural and development-quality lands from MeadWestvaco Corp.
The transaction is expected to close during the fourth quarter of 2013 and it is still subject to cusomary closing conditions.
The acquisition included 501,000 acres of industrial timberlands in Alabama, Georgia, South Carolina, Virginia and West Virginia for $869 million.
It also included an investment in joint ventures consisting of 109,000 acres of high value rural lands and development-quality lands near Charleston, S.C. for $152 million.
