SPOKANE, Wash., Dec 16, 2008 (BUSINESS WIRE) -- Potlatch Corporation (NYSE:PCH) announced today that it has completed
the previously announced tax-free spin-off of its pulp-based businesses
into a publicly traded company called Clearwater Paper Corporation. The
spin-off was implemented through a distribution of 100 percent of the
common stock of Clearwater Paper to Potlatch shareholders.
Michael J. Covey, chairman, president and CEO of Potlatch, said, "As a
result of the spin-off, Potlatch will now be able to devote its
attention and resources to leveraging the competitive strengths of the
Company as an essentially pure-play timber REIT that is well-positioned
to unlock significant value for shareholders."
ABOUT POTLATCH
Potlatch is a Real Estate Investment Trust (REIT) with approximately 1.6
million acres of forestland in Arkansas, Idaho, Minnesota and Wisconsin.
Potlatch, a verified forest practices leader is committed to providing
superior returns to stockholders through long-term stewardship of its
forest resources. The company also conducts a land sales and development
business and operates wood products manufacturing facilities through its
taxable REIT subsidiary.
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements within
the meaning of the Private Litigation Reform Act of 1995 as amended,
including without limitation, statements about the spin-off of
Potlatch's pulp-based businesses and the effect of the spin-off on
Potlatch's future prospects. These forward-looking statements are based
on current expectations, estimates, assumptions and projections that are
subject to change, and actual results may differ materially from the
forward-looking statements. Factors that could cause Potlatch's actual
results to differ materially include, but are not limited to, changes in
timberland values; changes in timber harvest levels on the company's
lands; changes in timber prices; changes in policy regarding
governmental timber sales; changes in the United States and
international economies; changes in exchange rates between the U.S.
dollar and other currencies; changes in the level of construction
activity; changes in tariffs, quotas and trade agreements involving wood
products; changes in worldwide demand for Potlatch's products; changes
in worldwide production and production capacity in the forest products
industry; competitive pricing pressures for Potlatch's products;
unanticipated manufacturing disruptions; changes in general and
industry-specific environmental laws and regulations; unforeseen
environmental liabilities or expenditures; weather conditions; changes
in raw material, energy, and other costs; the ability to satisfy complex
rules in order to remain qualified as a REIT; changes in tax laws that
could reduce the benefits associated with REIT status; and other risks
and uncertainties described from time to time in Potlatch's public
filings with the Securities and Exchange Commission. Potlatch does not
undertake to update any forward-looking statements.
SOURCE: Potlatch Corporation
Potlatch Corporation
Mark Benson, 509-835-1513