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Plum Creek, The Campbell Group form joint venture
Here’s an excerpt from a Wednesday press release about a business move that involves The Campbell Group, which has become heavily involved in East Texas timber:
Plum Creek Timber Company, Inc. (NYSE: PCL) today announced it will form a joint venture with The Campbell Group LLC (Campbell Group) that will allow Plum Creek to capture the value of approximately 454,000 acres of investment grade Southern timberlands. The transaction values these timberlands at $783 million, or approximately $1,725 per acre. Plum Creek will contribute the timberlands to the joint venture and an investment fund sponsored by Campbell Group will contribute $783 million in cash. Campbell Group, a timber investment management organization based in Portland, Ore., will manage the joint venture lands for continued timber production. The timberlands are located in six states including Oklahoma, Arkansas, Mississippi, North Carolina, South Carolina and Georgia.
You can find the whole press release here.
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