Western Louisiana Timberland Sold for Approximately $84 Million to
Hancock Timber Resource Group
BOISE, Idaho, March 19 /PRNewswire-FirstCall/ -- Boise Cascade
Corporation (NYSE: BCC) announced today the sale of approximately 79,000 acres
of timberland located in western Louisiana for approximately $84 million to
the Hancock Timber Resource Group based in Boston, Massachusetts. The
transaction is expected to close by March 31, 2004. The timberland is located
in several parcels between Lake Charles and Shreveport.
Boise continues to own or control approximately 610,000 acres of
timberland in Louisiana and a total of more than 2 million acres in the United
States.
About Boise Cascade Corporation
Boise, headquartered in Boise, Idaho, provides solutions to help customers
work more efficiently, build more effectively, and create new ways to meet
business challenges. We own or control more than 2 million acres of
timberland, primarily in the United States, to support our manufacturing
operations. Boise had sales of $8.2 billion in 2003.
Boise Office Solutions, headquartered in Itasca, Illinois, is a division
of Boise and a premier multinational contract and retail distributor of office
supplies and paper, technology products, and office furniture. Boise Office
Solutions had 2003 sales of $4.0 billion.
Boise Building Solutions, headquartered in Boise, Idaho, is a division of
Boise and manufactures plywood, oriented strand board, lumber, particleboard,
and engineered wood products. The business also operates 27 facilities that
distribute a broad line of building materials, including wood products
manufactured by Boise. Boise Building Solutions posted manufacturing sales of
$824 million and distribution sales of $2.0 billion in 2003.
Boise Paper Solutions, headquartered in Boise, Idaho, is a division of
Boise and a manufacturer of office papers, a majority of which are sold
through Boise Office Solutions. Boise Paper Solutions also manufactures
printing, forms, and converting papers, newsprint, containerboard and
corrugated containers, and market pulp. The division had 2003 sales of
$1.9 billion.
Visit the Boise website at http://www.bc.com .
About The Hancock Timber Resource Group
The Hancock Timber Resource Group manages approximately 1.5 million acres
of timberland in the Southern United States. It is the world's largest
timberland investment management organization for institutional investors,
with approximately $2.8 billion and more than 2.8 million acres under
management in North America and Australia. Additional information about
Hancock Timber may be found at its website: http://www.htrg.com .
It is a division of Hancock Natural Resource Group, Inc., a wholly owned
subsidiary of John Hancock Financial Services (NYSE: JHF). John Hancock
Financial Services, Inc. and its affiliated companies, including John Hancock
Life Insurance Company, provide a broad array of insurance and investment
products and services to retail and institutional customers. As of
December 31, 2003, John Hancock and its subsidiaries had total assets under
management of $142.5 billion.
Forward-Looking Statements
The statement within this news release regarding the expected time of the
closing of the transaction is a "forward-looking statement" within the meaning
of the Private Securities Litigation Reform Act of 1995. This forward-looking
statement speaks only as of the date of this press release. This forward-
looking statement is based on the current expectations and beliefs of Boise's
management and is subject to a number of uncertainties and assumptions that
could cause the expected closing date to differ or could cause the closing not
to occur at all.
SOURCE Boise Cascade Corporation
 back to top
Related links:
http://www.bc.com
CONTACT:
media, Ralph Poore, +1-208-384-7294, or home,
+1-208-331-2023, or investors, Vincent Hannity, +1-208-384-6390,
or cell, +1-208-890-6385, both of Boise Cascade Corporation
|
