Forestar Announces Sale To Hancock Timber Resource Group

Forestar Group Inc. announced Monday that it entered into a definitive agreement with Hancock Timber Resource Group to sell approximately 75,000 acres of timberland in Georgia and Alabama for $120 million in a cash transaction

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Forestar Announces Sale To Hancock Timber Resource Group

by Staff reports
April 4, 2009

Forestar Group Inc. announced Monday that it entered into a definitive agreement with Hancock Timber Resource Group, acting on behalf of its investor clients, to sell approximately 75,000 acres of timberland in Georgia and Alabama for $120 million in a cash transaction.

The sale does not include Forestars Towne West, a planned multi-use development on approximately 1,020 acres along Ga. 140 just west of Adairsville.

The transaction announced Monday is expected to close in the second quarter. The company intends to use proceeds from the sale to reduce debt in accordance with its strategic initiatives announced on Feb. 11.

The initial sale of 75,000 acres of timberland represents a significant first step in executing our strategic initiatives despite difficult market conditions. We remain confident that our strategic initiatives will enhance shareholder value, said Jim DeCosmo, president and chief executive officer.

Forestar is scheduled to release first-quarter earnings on Wednesday. The company was spun off from Temple-Inland Inc. in December 2007. It has offices in Cartersville and Douglasville.

Additional Information

Web Site: http://romenews-tribune.com/pages/full_story?page_label=home&id=2493813&widget=push&article-Forestar%20announces%20sale%20to%20Hancock%20timber%20resource%20group%20=&instance=home_news_lead_story&open=&

Category: Forestry>Industry Press Releases

Region: Georgia

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