GreenWood Resources Announces Acquisition of Boardman, Oregon, Poplar Tree Farm from Potlatch Corp and Construction of a New Sawmill
"PORTLAND, Ore.--(BUSINESS WIRE)--GreenWood Tree Farm Fund L.P. (GTFF) today completed the acquisition from Potlatch Co. (NYSE: PCH) of a 17,000 acre hybrid poplar tree farm near Boardman, Ore. for $65 million. GTFF is a private equity fund organized to acquire, develop and intensively manage fast-growing tree farms in North America, and to manufacture and market Forest Stewardship Council (FSC) certified products from these tree farms. GTFF is managed by GreenWood Resources of Portland, Ore., International Forestry Investment Advisors, LLC of Cambridge, Mass., and Malkin & Co. of New York City, N.Y. The Collins Companies of Portland, Ore. will construct and manage on behalf of GTFF a $35 million lumber mill in the Boardman area, and will market a line of fast-growing tree farm products under the trademark “Pacific Albus”. Construction on the mill is expected to begin in the third quarter, and operations are expected to commence in second quarter of 2008. Once fully operating, the tree farms, harvesting, and mill operations are expected to employ more than 150 people."
“This acquisition is the beginning of a new venture to capitalize on a unique combination of leading-edge sustainable tree farm technologies, advanced manufacturing techniques and world-class environmental certification here in Oregon,” said Jeff Nuss, President/CEO and founder of GreenWood Resources."
Go to news release; GreenWood's website; International Forestry Investment Advisors website; the Collins Companies website. Lots of familiar names! --Brian