CatchMark Timber Trust, Inc. is moving forward with its purchase of 36,340 acres of timberland from Hancock Timber Resource Group, located in the Waycross-Panola properties of Southeast Georgia and East Texas.
CatchMark is also acquiring approximately 1.45 million tons of merchantable timber inventory and increasing the share of higher value chip-n-saw and sawtimber in its product mix. The inventory comprises 84% pine plantations by acreage and 54% sawtimber by tons.
All in all, the timberlands are expected to add approximately 180,000 to 200,000 tons per year to CatchMark's harvest volumes over the next decade.
The $74 million deal was formally approved Thursday by the investment committee of Hancock Natural Resource Group. It's slated for completion during the second quarter of this year, but it remains subject to customary closing conditions.