Spokane-based PotlatchDeltic Merges with Florida Company
PotlatchDeltic, a timber and wood products company based in Spokane, is merging with Rayonier, a company based in Wildlight, Florida.
The all-stock merger is expected to close early next year and is based on closing stock prices from October 10. The combined company will have a market capitalization of about $7.1 billion, including $1.1 billion in net debt.
"This merger is a watershed moment for both companies," said Eric Cremers, president and CEO of PotlatchDeltic. "We look forward to working together to ensure a seamless transition and to capitalize on exciting opportunities for optimization and growth."
The merged businesses will operate under a new name, which has not yet been announced. PotlatchDeltic owns about 2.1 million acres of timberlands in several states, including Alabama, Arkansas, Georgia, Idaho, Louisiana, Mississippi, and South Carolina.
Author's summary: PotlatchDeltic merges with Rayonier to form a large wood commodities company.