CatchMark Timber Closes $74 Mln Acquisition Of Timberlands

(RTTNews) - CatchMark Timber Trust Inc (CTT) Monday announced the completion of its transaction to purchase 36,300 acres of timberland in Southeast Georgia and East Texas from Hancock Timber Resource Group for about $74 million.

Atlanta-based CatchMark said the deal adds about 1.45 million tons of merchantable timber to CatchMark's inventory and increases the share of higher value chip-n-saw and sawtimber in the company's product mix.

Comprising 84% pine plantations by acreage and 54% sawtimber by tons, the acquired properties are expected to add about 180,000 to 200,000 tons to CatchMark's annual harvest volumes over the next decade.