SEATTLE -- Plum Creek Timber Company, Inc. announced it has completed the sale of approximately 98,000 acres of timberlands in west-central Florida to Hancock Timber Resource Group for approximately $120 million.

"We are pleased to conclude this transaction with Hancock Timber which will continue to operate these lands as working forests," said Rick Holley, chief executive officer. "The agreement allows our company to take advantage of a market opportunity and reflects our long-term strategy designed to upgrade the value and productivity of our timberland portfolio over time through the identification and sale of non-strategic lands. While these lands have been well-managed, the significant hardwood component of the property didn't fit well with our broader Southern timberland portfolio."