The Timber Company Reaches Agreement to Sell California Timberlands
ATLANTA, Nov. 1 /PRNewswire/ -- The Timber Company (NYSE: TGP) said today that it has signed a definitive agreement to sell its California timberlands to Hawthorne Timber Company, LLC for a purchase price of approximately $397 million. These timberlands include approximately 194,000 acres of forests located in Mendocino and Humboldt counties. The sale is expected to close by the end of the year, subject to Hawthorne Timber Company obtaining required financing and approval by the board of directors of Georgia-Pacific Corp.
"We are pleased to reach agreement to sell these lands", said Donald L. Glass, president and chief executive officer of The Timber Company. "This sale will complete the strategic repositioning of our portfolio that we undertook to maximize the value of our assets for shareholders."
Headquartered at Atlanta, The Timber Company (www.thetimbercompany.com) is a separate operating group of Georgia-Pacific Corp., and its performance is reflected in one of the corporation's two common stocks. The company sells timber and wood fiber to industrial wood users, including Georgia-Pacific Group (NYSE: GP). The Timber Company currently manages approximately 5 million acres of timberland in the United States.
Hawthorne Timber Company, LLC is an investment entity managed and partially owned by The Campbell Group, Inc. The Campbell Group, Inc., (www.campbellgroup.com), a subsidiary of United Asset Management Corp. (NYSE: UAM), is a timber investment management firm headquartered in the Pacific Northwest.
SOURCE The Timber Company
CONTACT: Ken Haldin, 404-652-6098, or Greg Guest, 404-652-4739, both of The Timber Company
Web site: http://www.campbellgroup.com/
Web site: http://www.thetimbercompany.com/
(TGP GP UAM)