SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (Date of earliest event reported): October 5, 1999
PLUM CREEK TIMBER COMPANY, INC.
(Exact name of registrant as specified in its charter)
Delaware 1-10239 91-1912863
(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification Number)
incorporation
or organization)
999 Third Avenue, Suite 2300
Seattle, Washington 98104-4096
Telephone: (206) 467-3600
Item 5. OTHER EVENTS
Plum Creek Timber Company, Inc. announced on October 5, 1999 that it has
signed a letter of intent to sell 91,000 acres of timberlands near
St. Maries, Idaho to Crown Pacific Partners, L.P. for approximately
$73 million. The transaction is expected to close on or about January 15,
2000 and is subject to the signing of a definitive purchase and sale
agreement, the approval of both companies' Boards of Directors and
customary federal regulatory review.
Item 7. Financial Statements and Exhibits
(C) Exhibits
99.1 Press Release, dated October 5, 1999
FORWARD LOOKING INFORMATION
This Report contains forward-looking statements within the meaning of the
Private Litigation Reform Act of 1995, which are generally identified by words
such as "may," "should," "seeks," "believes," "expects," "intends," "estimates,"
"projects," "strategy" and similar expressions or the negative of those words.
Forward looking statements are subject to a number of known and unknown risks
and uncertainties that could cause actual results to differ materially from
those projected, expressed or implied in the statements. These risks and
uncertainties, many of which are not within the company's control, include, but
are not limited to, the cyclical nature of the forest products industry, our
ability to harvest our timber, our ability to execute our acquisition strategy,
and regulatory constraints. These risks are detailed from time to time in our
filings with the Securities and Exchange Commission. Forward-looking statements
speak only as of the date made, and neither the company nor its management
undertake any obligation to update or revise any forward-looking statements. It
is likely that if one or more of the risks and uncertainties materializes, the
current expectations of the company and its management will not be realized.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PLUM CREEK TIMBER COMPANY, INC.
-------------------------------
(Registrant)
By: /s/ William R. Brown
-----------------------
William R. Brown
Executive Vice President and
Chief Financial Officer
Date: October 5, 1999
Exhibit 99.1
Contact: Emilio Ruocco
Director, Investor Relations
(206) 467-3618 or 1-800-858-5347
www.plumcreek.com
Plum Creek Announces Letter of Intent for Idaho Timberland Sale
SEATTLE, WASHINGTON -- October 5, 1999 -- Plum Creek Timber Company, Inc.
(NYSE: PCL) announced it has signed a letter of intent to sell 91,000 acres of
timberlands near St. Maries, Idaho to Crown Pacific Partners, L.P. for
approximately $73 million. The transaction is expected to close on or about
January 15, 2000 and is subject to the signing of a definitive purchase and sale
agreement, the approval of both companies' Boards of Directors and customary
federal regulatory review.
Announcing the transaction, Rick Holley, Plum Creek President and CEO said,
"This represents an attractive opportunity to sell timberlands that were
not strategic to Plum Creek, but were very strategic to Crown Pacific. We see
the transaction as a win-win for both companies." Holley added, "We expect the
proceeds from the sale will be used as part of the Company's key initiative of
pursuing strategic and financially attractive timberland acquisitions."
Plum Creek, a real estate investment trust (REIT), is one of the largest
timberland owners in the nation, with timberlands and mills in the Pacific
Northwest, Southern and Northeastern United States.
Forward-looking Statements
This press release contains forward-looking statements within the meaning of the
Private Litigation Reform Act of 1995, which are generally identified by words
such as "may," "should," "seeks," "believes," "expects," "intends," "estimates,"
"projects," "strategy" and similar expressions or the negative of those words.
Forward looking statements are subject to a number of known and unknown risks
and uncertainties that could cause actual results to differ materially from
those projected, expressed or implied in the statements. These risks and
uncertainties, many of which are not within the company's control, include, but
are not limited to, the cyclical nature of the forest products industry, our
ability to harvest our timber, our ability to execute our acquisition strategy,
and regulatory constraints. These risks are detailed from time to time in our
filings with the Securities and Exchange Commission. Forward-looking statements
speak only as of the date made, and neither the company nor its management
undertakes any obligation to update or revise any forward-looking statements.
It is likely that if one or more of the risks and uncertainties materializes,
the current expectations of the company and its management will not be realized.
