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Article: Plum Creek Enters Into Definitive Agreement to Purchase 905,000 Acres of Timberland From Sappi Fine Paper North America.
- Article from:
- Business Wire
- Article date:
- October 6, 1998
CopyrightCOPYRIGHT 1998 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SEATTLE--(BUSINESS WIRE)--Oct. 6, 1998--Plum Creek Timber Company, L.P. (NYSE:PCL) announced today that it has signed a definitive agreement to purchase 905,000 acres of forest lands in central Maine from Sappi Fine Paper North America (S.D. Warren Company), a subsidiary of South African-based Sappi Limited, for $180 million.
The acquisition of these timberlands will bring the total ownership of Plum Creek, which is the sixth largest private timberland owner in the nation, to over 3.3 million acres.
As part of the acquisition, Plum Creek will enter into a long-term agreement to supply fiber from these timberlands to Sappi's paper facility in Skowhegan, ...