Plum Creek Timber Acquires The Timber Company

, based in Seattle, announced on July 18 an agreement to acquire

The Timber Company—the division of Georgia-Pacific that has owned and managed all 4.4 million acres (1.8 million ha) of G-P’s timberland. The combined company, with 7.9 million acres (3.2 million ha), will be the second-largest private timberland owner in the U.S. The transaction is valued at approximately $4 billion, including $1 billion of The Timber Company debt, and is expected to be completed in early 2001. Plum Creek was the first company to have 100% of its land third-party-certified under the Sustainable Forestry Initiative (a less rigorous, industry-managed, certification program than that developed by the Forest Stewardship Council).