Plum Creek Finalizes Long-Term Fiber Supply Agreement with Drax

  Plum Creek Finalizes Long-Term Fiber Supply Agreement with Drax

Business Wire

SEATTLE -- January 22, 2013

Plum Creek Timber Company, Inc., (NYSE:PCL) today announced it has finalized a
long-term fiber supply agreement with Drax, a leading power company in the
United Kingdom that is transforming itself into a predominantly biomass-fueled
power generator.

Plum Creek will deliver up to 770,000 tons annually of sustainably-managed
wood fiber to two U.S. pellet manufacturing locations during the course of the
10-year contract. Drax plans to construct two pellet mills, one each in
Mississippi and Louisiana, to convert wood fiber into pellets for export to
its power station in the United Kingdom. Deliveries are scheduled to begin in
2014.

“This agreement further diversifies our customer base and represents a new and
expanding market for our sustainably grown wood fiber,” said Rick Holley,
President and CEO. “Plum Creek is proud to partner with Drax to work toward
practical solutions that help develop sustainable energy, provide an
attractive return for our investors, and create jobs in our communities.”

Plum Creek is one of the largest landowners in the nation and the most
geographically diverse, with approximately 6.4 million acres of timberlands in
major timber producing regions of the United States and wood products
manufacturing facilities in the Northwest.For more information on Plum Creek,
visit www.plumcreek.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of
the Private Litigation Reform Act of 1995 as amended. Some of these
forward-looking statements can be identified by the use of forward-looking
words such as "will" or "plans." The accuracy of such statements is subject to
a number of risks, uncertainties and assumptions including, but not limited
to, the cyclical nature of the forest products industry, our ability to
harvest and deliver our timber, general economic conditions and various
regulatory constraints. These and other risks, uncertainties and assumptions
pertaining to our business are detailed from time to time in our filings with
the Securities and Exchange Commission under the Securities Exchange Act of
1934, as amended, and the Securities Act of 1933, as amended. The accuracy of
forward-looking statements is also subject to our business partners’
operational risks, the demand for their products and services, regulatory
constraints and their access to capital. It is likely that if one or more of
the risks materializes, or if one or more assumptions prove to be incorrect,
the current expectations of Plum Creek and its management will not be
realized. Forward-looking statements are not guarantees of performance, and
speak only as of the date made, and neither Plum Creek nor its management
undertakes any obligation to update or revise any forward-looking statements.

Contact:

Plum Creek Timber Company, Inc.
Investors: John Hobbs, 1-800-858-5347
Media: Kate Tate, 1-888-467-3751
 
Press spacebar to pause and continue. Press esc to stop.