Potlatch completes clearwater paper spin-off
Dec 17, 2008. /Lesprom.com/. Potlatch Corporation announced 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% of the common stock of Clearwater Paper to Potlatch shareholders.
Dec 17, 2008. /Lesprom.com/. Potlatch Corporation announced 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% 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.”
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.