PotlatchDeltic

Last updated
PotlatchDeltic Corporation
Company type Public
Nasdaq:  PCH
S&P 400 Component
IndustryForestry
Real estate
Founded1903;121 years ago (1903)
as Potlach Lumber
Headquarters Spokane, Washington
Key people
Eric Cremers
(CEO, president)
Jerald Richards (CFO)
Products Lumber, Plywood
RevenueIncrease2.svg $1.337 billion (2021)
Increase2.svg$551 million (2021)
Increase2.svg$423 million (2021)
Total assets Increase2.svg$2.535 billion (2021)
Total equity Increase2.svg$1.526 billion (2021)
Number of employees
1,299 (2021)
Subsidiaries Potlatch TRS
Website potlatchdeltic.com
Footnotes /references
[1]

PotlatchDeltic Corporation [2] (originally Potlatch Corp) is an American diversified forest products company based in Spokane, Washington.

Contents

It manufactures and sells lumber, panels and particleboard and receives revenue from other assets such as mineral rights and the leasing of land as well as the sale of land considered expendable. In February 2018, Potlatch acquired Deltic Timber Corp., a smaller Arkansas-based timber company. Following the merger, the company was renamed PotlatchDeltic Corporation. [3] [4] In 2021, the company harvested 5,515,000 tons of lumber. [1] In 2022, PotlatchDeltic merged with CatchMark Timber Trust, Inc.

History

Sawmill in Potlatch, Idaho, in April 1906 Sawmill of the Potlatch Lumber Company, April 17, 1906 - Potlatch, Idaho (51211332295).jpg
Sawmill in Potlatch, Idaho, in April 1906

Origins

The Potlatch Lumber Company was incorporated in 1903 with an authorized capital of $3.0 million by a consortium of lumber investors, including William Deary of Northland Pine Company, Henry Turrish of Wisconsin Log and Lumber, and Frederick Weyerhaeuser, who was also an investor in Deary's Northland Pine business. [5] Frederick Weyerhaeuser's son Charles A. Weyerhaeuser became the company's first President and held that role until his death in 1930, while Deary was named the company's General Manager. [6] Potlatch planned a lumber mill on the Palouse River in north central Idaho and began construction in 1905, completing it in 1906.

Log train outside Potlatch, circa 1907 Train of Logs for the Potlatch Lumber Company, circa 1907 - Potlatch, Idaho (4265195455).jpg
Log train outside Potlatch, circa 1907

The company town of Potlatch was built to serve the mill, and over 200 buildings were designed by architect C. Ferris White for the firm. The town soon became the second biggest in Latah County (behind Moscow), and the firm was the biggest taxpayer in Idaho for some years. [7] : 8–9  Its commercial district, which includes the main administrative building of the company, was listed on the National Register of Historic Places in 1986. [8] William Deary also oversaw the building of a logging railroad connecting the mill to the Milwaukee Road's Pacific Extension; the town of Deary, also in Latah County, was named after him.

In 1931, the company became Potlatch Forests, Inc. (PFI) after acquiring the operations of neighboring Clearwater Timber and Edward Rutledge Timber companies, which were facing financial difficulties as a result of lumber oversupply during the Great Depression. After the acquisitions, the company operated the original Potlatch mill as well as a sawmill in Elk River, Idaho (opened by Potlatch in 1907, closed in 1930), the Clearwater sawmill in Lewiston (opened in 1927), and the Rutledge sawmill in Coeur d'Alene (opened in 1916, closed in 1987). [9]

Sustainable Forest Management

John Philip (Phil) Weyerhaeuser, Jr., nephew of Charles A. Weyerhaeuser, became president of PFI in 1931. Previously, as general manager of Clearwater Timber, he began the first program of sustainable forest management for timber as a crop in the United States. PFI continued this program and Phil Weyerhaeuser implemented it on a larger scale when he joined the family Weyerhaeuser Timber Company in 1933. [10]

After Phil Weyerhaeuser's departure, C.L. Billings took over as PFI's general manager. During his tenure, which lasted until 1949, PFI continued to develop and practice sustained yield forest management in the Inland Northwest. PFI began paying out dividends in 1940. [11]

Postwar Expansion

PFI grew significantly during the postwar economic expansion, broadening its product portfolio and enlarging its manufacturing and sales footprint nationally. [12] Notably:

Modern Day

The Potlatch mill operated until mid-August 1981, [13] [14] and the company announced that mill closure would be permanent in 1983. [15] In 1985, Canadian businessman Samuel Belzberg's First City Financial Corporation attempted a takeover of the company. Potlatch eventually bought back the corporation's 1.1 million shares, paying $8.1 million and ending the takeover bid. With the buyback, the stock returned to the control of the Weyerhaeuser family, the descendants of the original founder. [16]

The Rutledge mill in Coeur d'Alene operated through October 1987; [17] [18] [19] [20] [21] [22] the site was acquired by Duane Hagadone the following year in a three-way land swap, [23] [24] and became the golf course (1991) of the Coeur d'Alene Resort. [25] [26] [27] Its buildings were allowed to be burned in June 1988; local fire departments used it as a training exercise. [28] [29]

After 32 years in San Francisco, California, corporate headquarters of Potlatch were moved from One Maritime Plaza to downtown Spokane in 1997; [30] [31] [32] from 1931 to 1965, the company was based in Idaho at Lewiston. [33] [34]

In March 2002, Potlatch sold its Cloquet, Minnesota, pulp and printing papers facilities and associated assets to Sappi Limited for $480 million. This sale marked its exit from the coated printing papers business. Sappi closed the facilities and moved the production to its own plants in Maine at Skowhegan and Westbrook. [35]

In 2006, Potlatch restructured to form a real estate investment trust (REIT). In this restructuring all of the company's manufacturing operations are held by a wholly owned subsidiary, allowing the company to refocus on managing their large land holdings in Oregon, Idaho, Minnesota, and Arkansas.

In February 2018, Potlatch acquired Deltic Timber Corp., a smaller Arkansas-based timber company. Following the merger, the company was renamed PotlatchDeltic Corporation. The merged companies owned 2 million acres of timber in total. [3] [4]

Properties

The company owns over 2,100,000 acres (3,300 sq mi; 8,500 km2) of timberland in rural Alabama, Arkansas, Georgia, Idaho, Louisiana, Mississippi, and South Carolina. Its forest products are processed at seven company-owned facilities. [1]

Spin-off of Clearwater Paper

In 2008, Clearwater Paper Corporation, previously a subsidiary of Potlatch, was created on December 9 via a spin-off with headquarters in Spokane; Gordon L. Jones, a vice-president of Potlatch, was the new company's president and CEO.

Shares of Clearwater Paper (NYSE:CLW) stock were distributed to Potlatch shareholders at a ratio of 1 share of Clearwater stock for every 3.5 shares of Potlatch stock held, with fractional shares paid in cash. Clearwater stock began trading on December 16, 2008.

In August 2012, since Clearwater Paper's stock had failed to rise, the company prepared to split in two and sell one or both businesses. [36]

See also

Related Research Articles

<span class="mw-page-title-main">Coeur d'Alene, Idaho</span> City in Idaho, United States

Coeur d'Alene is a city and the county seat of Kootenai County, Idaho, United States. It is the most populous city in North Idaho and the principal city of the Coeur d'Alene Metropolitan Statistical Area. The population was 54,628 at the 2020 census. Coeur d'Alene is a satellite city of Spokane, which is located about thirty miles (50 km) to the west in the state of Washington. The two cities are the key components of the Spokane–Coeur d'Alene Combined Statistical Area, of which Coeur d'Alene is the third-largest city. The city is situated on the north shore of the 25-mile (40 km) long Lake Coeur d'Alene and to the west of the Coeur d'Alene Mountains. Locally, Coeur d'Alene is known as the "Lake City", or simply called by its initials, "CDA".

<span class="mw-page-title-main">Potlatch, Idaho</span> City in Idaho, United States

Potlatch is a city in the northwest United States, located in north central Idaho in Latah County, about six miles (10 km) east of the border with Washington. On the Palouse north of Moscow, it is served by State Highway 6, and bordered on the northeast by the small community of Onaway. The population of Potlatch was 804 at the 2010 census.

<span class="mw-page-title-main">Inland Northwest</span> Region of the United States

The Inland Northwest, historically and alternatively known as the Inland Empire, is a region of the American Northwest centered on the Greater Spokane, Washington Area, encompassing all of Eastern Washington and North Idaho. Under broader definitions, Northeastern Oregon and Western Montana may be included in the Inland Northwest. Alternatively, stricter definitions may exclude Central Washington and Idaho County, Idaho.

<span class="mw-page-title-main">Coeur d'Alene people</span> Native American tribe in Idaho, United States

The Coeur d'Alene Tribe are a Native American tribe and one of five federally recognized tribes in the state of Idaho. The Coeur d'Alene have sovereign control of their Coeur d'Alene Reservation, which includes a significant portion of Lake Coeur d'Alene and its submerged lands.

<span class="mw-page-title-main">Idaho panhandle</span> Region of the U.S. state of Idaho

The Idaho panhandle—locally known as North Idaho, Northern Idaho, or simply the Panhandle—is a salient region of the U.S. state of Idaho encompassing the state's 10 northernmost counties: Benewah, Bonner, Boundary, Clearwater, Idaho, Kootenai, Latah, Lewis, Nez Perce, and Shoshone. The panhandle is bordered by the state of Washington to the west, Montana to the east, and the Canadian province of British Columbia to the north. The Idaho panhandle, along with Eastern Washington, makes up the region known as the Inland Northwest, headed by its largest city, Spokane, Washington.

<span class="mw-page-title-main">Lake Coeur d'Alene</span> Glacial lake in Idaho, US

Coeur d'Alene Lake, officially Coeur d'Alene Lake, is a natural dam-controlled lake in North Idaho, located in the Pacific Northwest region of the United States. At its northern end is the city of Coeur d'Alene. It spans 25 miles (40 km) in length and ranges from 1 to 3 miles (5 km) wide with over 109 miles (175 km) of shoreline.

<span class="mw-page-title-main">Coeur d'Alene Resort</span> Resort hotel in Coeur dAlene, Idaho

The Coeur d'Alene Resort is a resort hotel in the northwest United States, located in Coeur d’Alene, Idaho. Seated on the north shore of Lake Coeur d'Alene by Tubbs Hill, the resort features a marina, convention facilities, spa, as well as a notable 18-hole golf course.

<span class="mw-page-title-main">Silver Valley (Idaho)</span>

The Silver Valley is a region in the northwest United States, in the Coeur d'Alene Mountains in northern Idaho. It is noted for its mining heritage, dating back to the 1880s.

<span class="mw-page-title-main">Interstate 90 in Idaho</span> Highway in Idaho

Interstate 90 (I-90) is a transcontinental Interstate Highway that runs east–west across the northern United States. Within the state of Idaho, the freeway travels for 74 miles (119 km) from the Washington border near Spokane to Coeur d'Alene and the panhandle region at the north end of the state. After traveling through the Silver Valley along the Coeur d'Alene River in the Bitterroot Range, I-90 crosses into Montana at Lookout Pass.

<span class="mw-page-title-main">History of Spokane, Washington</span>

The history of Spokane, Washington in the northwestern United States developed because Spokane Falls and its surroundings were a gathering place for numerous cultures for thousands of years. The area's indigenous people settled there due to the fertile hunting grounds and abundance of salmon in the Spokane River. The first European to explore the Inland Northwest was Canadian explorer-geographer David Thompson, working as head of the North West Company's Columbia Department. At the nexus of the Little Spokane and the Spokane, Thompson's men built a new fur trading post, which is the first long-term European settlement in Washington state.

<i>Coeur dAlene Press</i> Daily newspaper in Idaho, United States

The Coeur d'Alene Press is a daily newspaper based in Coeur d'Alene, Idaho, United States. It is owned by the Hagadone Media Group and is the flagship property of the Idaho Hagadone News Network. The Press provides local coverage for Kootenai County, Idaho.

<span class="mw-page-title-main">Economy of Spokane, Washington</span>

The economy of the Spokane metropolitan area plays a vital role as the hub for the commercial, manufacturing, and transportation center as well as the medical, shopping, and entertainment hub of the 80,000 square miles (210,000 km2) Inland Northwest region. Although the two have opted not to merge into a single Metropolitan Statistical Area (MSA) yet, the Coeur d'Alene MSA has been combined by the Census Bureau into the Spokane–Coeur d'Alene combined statistical area (CSA). The CSA comprises the Spokane metropolitan area and the Coeur d'Alene metropolitan area anchored by Coeur d'Alene, Idaho. According to the U.S. Bureau of Labor Statistics, the Spokane metropolitan area has a workforce of about 287,000 people and an unemployment rate of 5.3 percent as of February 2020; the largest sectors for non–farm employment are education and health services, trade, transportation, and utilities, and government. The Coeur d'Alene metropolitan area has a workforce of 80,000 people and an unemployment rate of 6.8% as of June 2020; the largest sectors for non-farm employment are trade, transportation, and utilities, government, and education and health services as well as leisure and hospitality. In 2017, the Spokane–Spokane Valley metropolitan area had a gross metropolitan product of $25.5 billion while the Coeur d'Alene metropolitan area was $5.93 billion.

<span class="mw-page-title-main">U.S. Route 95 in Idaho</span> Section of U.S. Highway in Idaho, United States

In the U.S. state of Idaho, U.S. Route 95 (US-95) is a north–south highway near the western border of the state, stretching from Oregon to British Columbia for over 538 miles (866 km); it was earlier known in the state as the North and South Highway.

Clearwater Paper Corporation is an American pulp and paperboard manufacturer. The company was created on December 9, 2008, via a spin-off from Potlatch Corporation and is headquartered in Spokane, Washington.

<span class="mw-page-title-main">Duane Hagadone</span> American newspaper publisher (1932–2021)

Duane Burl Hagadone was an American newspaper publisher, urban planner, real estate and land developer.

<span class="mw-page-title-main">Coeur d'Alene High School</span> Public school / secondary school in Coeur dAlene, Idaho, United States

Coeur d’Alene High School is a four-year public secondary school in Coeur d'Alene,, Idaho, the oldest secondary school, with its current building at 5530 North Fourth Street built in 1968-1969. It is one of the two traditional high schools in the Coeur d'Alene School District #271. It serves the northeastern half of the district, with students from the cities of Coeur d'Alene, Dalton Gardens, Hayden, and a portion of unincorporated Kootenai County. The school colors are Blue and White and the C.D.A.H.S. mascot is a "Viking" and the athletic teams are named the "Vikings".

Headquarters is an unincorporated community in Clearwater County, Idaho, United States. Headquarters is located on State Highway 11, 10 miles (16 km) north of Pierce.

Clarence Ferris White was a prolific architect in the Pacific Northwest. He designed more than 1,100 buildings, including 63 schools, in the State of Washington. His largest project was the design of the company town of Potlatch, Idaho in 1905. Several of his works are listed on the United States National Register of Historic Places.

<span class="mw-page-title-main">Ohio Match Company Railway</span> American logging railroad

The Ohio Match Company Railway was a logging railroad in northern Idaho that operated from Garwood, Idaho, around Hayden Lake and followed the Burnt Cabin Creek to the Little North Fork of the Coeur d'Alene River. The right of way roughly follows Ohio Match Road from Garwood, Idaho Burnt Cabin Road and then over the entirety of Burnt Cabin Road today. The Ohio Match railroad aided in harvesting white pine timber reserves that remained after the fire of 1910 for the production of matchsticks.

References

  1. 1 2 3 "Potlatch Corp. 2021 Annual Report 10-K". 2022.
  2. ↑ "Potlatch and Deltic Timber Complete Merger". February 20, 2018. Retrieved May 14, 2018.
  3. 1 2 "Potlatch nears all-stock acquisition of Deltic Timber: sources". Reuters. (staff). October 22, 2017. Retrieved May 14, 2018.
  4. 1 2 Arkansas Democrat-Gazette Staff (February 21, 2018). "Arkansas-based Deltic Timber completes merger with Potlatch". Arkansas Democrat-Gazette. Retrieved May 14, 2018.
  5. ↑ "Lumbermen In Idaho". Idaho State University. Retrieved March 9, 2023.
  6. ↑ "Charles Augustus Weyerhaeuser". Forest History Society. Retrieved March 9, 2023.
  7. ↑ Keith Petersen and Mary Reed (November 2, 1985). "National Register of Historic Places Inventory/Nomination: Historic Resources of Potlatch MRA". National Park Service . Retrieved January 12, 2017.
  8. ↑ Keith Petersen and Mary Reed (November 2, 1985). "Idaho State Historical Society Inventory Sheet: Commercial Historic District". National Park Service . Retrieved January 12, 2017. with six photos from 1985
  9. ↑ "Lumbermen In Idaho". Idaho State University. Retrieved March 9, 2023.
  10. ↑ "John Philip (J.P.) Weyerhaeuser, Jr" (PDF). World Forestry. Retrieved March 10, 2023.
  11. ↑ "Lumbermen In Idaho". Idaho State University. Retrieved March 9, 2023.
  12. ↑ "PotlatchDeltic About History". PotlatchDeltic. Retrieved October 24, 2024.
  13. ↑ Johnson, David (August 13, 1981). "Hard times ahead". Lewiston Morning Tribune. p. 1A.
  14. ↑ Johnson, David (August 15, 1981). "The mill's last day". Lewiston Morning Tribune. p. 1A.
  15. ↑ "Potlatch Lumber Mill and the Company Town". Intermountain Histories. Retrieved March 10, 2023.
  16. ↑ LAWRENCE M. FISHER (November 13, 1985). "POTLATCH BUYS OUT BELZBERGS". The New York Times. Retrieved May 14, 2018.
  17. ↑ Bond, David (September 17, 1987). "Sawmill cleanup studied". Spokesman-Review. (Spokane, Washington). p. A6.
  18. ↑ Oliveria, D.F. (May 25, 1988). "Hagadone buying up more land on Lake Coeur d'Alene". Spokane Chronicle. (Washington). p. A3.
  19. ↑ Bond, David (January 21, 1987). "Potlatch will close Coeur d'Alene mill". Spokane Chronicle. (Washington). p. A3.
  20. ↑ "Historic Rutledge Mill saws its final log". Lewiston Sunday Tribune. (Idaho). Associated Press. November 1, 1987. p. 6B.
  21. ↑ Bond, David (October 31, 1987). "Last log sawn at Rutlege mill in wee hours of morning". Spokesman-Review. (Spokane, Washington). p. A6.
  22. ↑ Trevison, Catherine (December 16, 1987). "Rutledge auction wasn't run-of-the-mill". Spokesman-Review. (Spokane, Washington). p. B1.
  23. ↑ "Rutledge mill site sold, Potlatch official says". Spokesman-Review. (Spokane, Washington). March 3, 1988. p. B2.
  24. ↑ Jones, Grayden (April 12, 1989). "Hagadone swapped land for resort site". Spokesman-Review. (Spokane, Washington). p. A6.
  25. ↑ "April opening set for golf course". Spokesman-Review. (Spokane, Washington). staff and wire reports. August 15, 1990. p. B2.
  26. ↑ "Floating green confronts players on Idaho course". Bend Bulletin. (Oregon). Associated Press. June 13, 1991. p. E-8.
  27. ↑ "Tee-off pier proposed for floating green". Spokesman-Review. (Spokane, Washington). September 20, 1991. p. B1.
  28. ↑ Bender, David (May 25, 1988). "Firefighters will get practice when mill is set ablaze in June". Spokesman-Review. (Spokane, Washington). p. A9.
  29. ↑ Goffredo, Theresa (June 8, 1988). "Judge says its OK to burn buildings at Potlatch mill". Spokesman-Review. (Spokane, Washington). p. A1.
  30. ↑ Jones, Grayden (May 20, 1997). "Potlatch picks Spokane for corporate HQ". Spokesman-Review. (Spokane, Washington). p. A1.
  31. ↑ Nelson, Lorraine (May 20, 1997). "Potlatch to move its HQ to Spokane". Lewiston Morning Tribune. (Idaho). p. 1A.
  32. ↑ Kouis, Arthur M. (May 20, 1997). "Potlatch moving out of S.F. / New headquarters will be in Spokane". San Francisco Chronicle. Retrieved September 4, 2023.
  33. ↑ Read, Paul (December 4, 1997). "A look inside Potlatch Corp.: new arrival is Spokane's biggest company". Spokane Journal of Business. (Washington). Retrieved September 4, 2023.
  34. ↑ Harrell, Sylvia (May 3, 1971). "If choosing again, PFI would still move its offices from Lewiston – Cancell". Lewiston Morning Tribune. (Idaho). p. 3.
  35. ↑ "COMPANY NEWS; SAPPI TO ACQUIRE POTLATCH FINE PAPER BUSINESS". The New York Times. Associated Press. March 19, 2002. Retrieved May 14, 2018.
  36. ↑ SAC urges Clearwater Paper to ready itself for sale, Reuters, 21 August 2012
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.