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Boise Cascade finalizes sale of 2.2 million acres in 6 states

February 6, 2005 /

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Boise Cascade on Friday completed the sale of approximately 2.2 million acres of timberland located in Idaho, Oregon, Washington, Alabama, Louisiana, and Minnesota to Forest Capital Partners of Boston, Mass., for $1.65 billion in cash.

Proceeds from the sale, originally announced in December, will be used to reduce Boise’s debt from its $3.7 billion purchase in late October of the timber, paper and lumber divisions of Boise Cascade Corp., which changed its name to OfficeMax Inc. and now is based near Chicago.

Under Forest Capital’s ownership, the forests will continue to be managed in accordance with environmental principles set out in the Sustainable Forestry Initiative.

Full Story: http://www.idahostatesman.com/apps/pbcs.dll/article?AID=/20050205/NEWS02/502050303/1029

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