Seattle, Washington, USA 18 September 2015 -- (BUSINESS WIRE) -- Plum Creek Timber Company, Inc. (NYSE:PCL) today announced it has completed the sale of approximately 98,000 acres of timberlands in west-central Florida to Hancock Timber Resource Group for approximately $120 million.

"We are pleased to conclude this transaction with Hancock Timber which will continue to operate these lands as working forests," said Rick Holley, chief executive officer. "The agreement allows our company to take advantage of a market opportunity and reflects our long-term strategy designed to upgrade the value and productivity of our timberland portfolio over time through the identification and sale of non-strategic lands. While these lands have been well-managed, the significant hardwood component of the property didn't fit well with our broader Southern timberland portfolio."

Plum Creek is among the largest and most geographically diverse private landowners in the nation with more than 6 million acres of timberlands in 19 states. We also operate wood products mills in the Northwest. We manage our working forests using sustainable practices to benefit Plum Creek's many stakeholders. Our employees work together to create shareholder value, serve as stewards of the environment, make wood products for everyday use, and build strong communities. Please visit www.plumcreek.com for the latest information about Plum Creek.