Jun 04, 2010. /Lesprom Network/. Plum Creek Timber Company repurchased $50 million of its common stock, completing its previously announced $200 million open-market share repurchase program. The company expects to seek authorization of a new open-market share repurchase program at its next scheduled Board of Directors meeting. During the 2Q, the company repurchased approximately 1.37 million shares at an average price of $36.37 per share. As of June 1, 2010, Plum Creek had approximately 161.6 million shares outstanding, company said in a statement received by Lesprom Network. “Disciplined capital allocation is at the heart of Plum Creek’s long-term strategy for shareholder value creation. We are convinced that the most compelling timber investment available in today’s market is our own stock,” said Rick Holley, President and CEO. Plum Creek is the largest and most geographically diverse private landowner in the nation with approximately 7 million acres of timberlands in major timber-producing regions of the United States and wood products manufacturing facilities in the Northwest.