Monday, April 2, 2007

160,000 Acres in Adirondacks Changing Hands?

The following info was taken from two different news releases on Finch, Pruyn's web site.
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GLENS FALLS, N.Y. — Richard J. Carota, Chairman of the Board of Directors of paper manufacturer Finch, Pruyn Co., Inc., has announced that the Board of Directors has voted to recommend that the company’s shareholders accept an offer from Atlas Paper Resources LLC to purchase all of the company’s assets, including its manufacturing facilities in Glens Falls, N.Y., and its Adirondack forestland. The shareholders will vote on the transaction at a meeting on Tuesday, April 24, 2007.
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Finch, Pruyn has owned and cared for the vast majority of its 161,000 acres of forestland in New York State’s famed Adirondack Region since the early 1900s. In 1910, the company increased its contributions to modern forestry with the hiring of one of the nation’s first professionally trained foresters, Howard Churchill. Today, the company employs 11 professional foresters who oversee company lands and the purchase of wood from outside sources.
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Get more details from Finch, Pruyn's web site.

Atlas Holdings is a diversified private investment firm whose ownership includes Forest Resources LLC which reportedly owns four paper mills and nine packaging plants. Based on their web site, it looks like Atlas has been a very aggressive buyer in the past year. --Brian

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