NorthwestJuly 19, 2000

Associated Press

ATLANTA -- Plum Creek Timber Co., a real estate investment trust based in Seattle, said Tuesday it has agreed to buy Georgia-Pacific's Timber Co. for $3 billion in stock.

The deal also calls for Plum Creek to assume $1 billion in Timber Co. debt. The deal is expected to close early next year.

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If approved by shareholders, Plum Creek said the transaction would make it the second largest private timberland owner in the country, with 7.9 million acres in 19 states.

Atlanta-based Timber Co., is a separate operating company within Georgia-Pacific, which buys 60 percent of its annual harvest. The company manages 4.7 million acres of timber.

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