May 12, 2005. /Lesprom Network/. Glatfelter (NYSE: GLT) announced it has agreed to sell approximately 2,500 acres of timberlands to a private real estate development group for $21.0 million. The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2005. Since 2003, the Company has pursued a strategic initiative to monetize the value of non-strategic assets to maintain the strength of its balance sheet. Including the agreement announced today, the Company will have sold approximately 32,500 acres of timberlands for $115 million.