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Home > BizTimes Daily > Archives > December 19, 2006
Timber company acquires northern Wisconsin land
Published December 19, 2006 - BizTimes Daily
Potlatch Corp., a Spokane, Wash.-based real estate investment trust (REIT), today announced its agreement to acquire approximately 76,000 acres of prime forestland in Wisconsin for $64.5 million from Tomahawk Timberlands LLC and Tomahawk Highlands LLC.
The transaction is expected to close in early 2007.
The forestland, located in the north-central part of the state, contains hardwoods and is made up of diverse age classes with significant amounts of mature timber.
Through a taxable REIT subsidiary, Potlatch Corp. operates 13 manufacturing facilities that produce lumber and panel products and bleached pulp products, including paperboard and tissue products.
"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, Mich.
"Through this acquisition, we will be able to better serve the needs of our existing long-term customers in the region while opening doors for new customers," added Stinnett. "And we very much look forward to working with the existing customers who have historically been supplied from these lands."
