Potlatch to Buy 76,000 Acres of Wisconsin Forestlands
Dec. 19, 2006 - Potlatch Corp. has agreed to acquire approximately 76,000 acres of prime forestland in Wisconsin for $64.5 million from Tomahawk Timberlands, LLC, and Tomahawk Highlands, LLC.
The deal is expected to close in early 2007.
According to Potlatch, the forestland, located in the north-central part of the state, contains well-managed hardwoods and is made up of diverse age classes with significant amounts of mature timber. The vast majority of the land is concentrated in contiguous blocks less than five hours from Chicago and Minneapolis.
"The forestland, which consists of high-value mature timber, has been under excellent long-term forest management," said Vice President of Resource Management Brent Stinnett. "The land complements our existing holdings in Minnesota, has prime recreational values and will help further establish our presence as a leading forestland holder in the Lake States region."
Potlatch owns 310,000 acres in Minnesota, a sawmill in Bemidji, and has been operating in the region for more than 40 years. The company also owns a sawmill in Gwinn, Michigan.
SOURCE: Potlatch Corp.