PotlatchDeltic Corporation (originally Potlatch Corp) is an American diversified forest products company based in

Spokane, Washington Spokane ( ) is the largest city and county seat of Spokane County, Washington, United States. It is in eastern Washington, along the Spokane River, adjacent to the Selkirk Mountains, and west of the Rocky Mountain foothills, south of the Canada ...

. It manufactures and sells

lumber Lumber is wood that has been processed into dimensional lumber, including beams and planks or boards, a stage in the process of wood production. Lumber is mainly used for construction framing, as well as finishing (floors, wall panels, wi ...

, panels and

particleboard Particle board, also known as chipboard or low-density fiberboard, is an engineered wood product manufactured from wood chips and a synthetic resin or other suitable binder, which is pressed and extruded. Particle board is often confused with ori ...

and receives revenue from other assets such as

mineral rights Mineral rights are property rights to exploit an area for the minerals it harbors. Mineral rights can be separate from property ownership (see Split estate). Mineral rights can refer to sedentary minerals that do not move below the Earth's surfac ...

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 Arkansas ( ) is a landlocked state in the South Central United States. It is bordered by Missouri to the north, Tennessee and Mississippi to the east, Louisiana to the south, and Texas and Oklahoma to the west. Its name is from the Osage ...

-based timber company. Following the merger, the company was renamed PotlatchDeltic Corporation. In 2021, the company harvested 5,515,000 tons of lumber.

History

The Potlatch Lumber Company was incorporated in 1903. It planned a lumber mill on the

Palouse River The Palouse River is a tributary of the Snake River in Washington (state), Washington and Idaho, in the Northwestern United States, northwest United States. It flows for U.S. Geological Survey. National Hydrography Dataset high-resolution flowline ...

and began construction in 1905, completed in 1906. The mill operated until 1981. The company town of

Potlatch, Idaho Potlatch is a city in the northwest United States, located in north central Idaho in Latah County, about 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 sm ...

was built to serve the mill. Over 200 buildings were designed by architect C. Ferris White for the firm. The town soon became the second biggest town in Latah County, Idaho, and the firm was the biggest taxpayer in Idaho for some years. The

Commercial Historic District (Potlatch, Idaho) The Commercial Historic District in Potlatch, Idaho was listed on the National Register of Historic Places in 1986. In 1986, it included seven contributing buildings and a contributing object. It includes work by architect C. Ferris White and ...

, which includes the main administrative building of the company, was listed on the

National Register of Historic Places The National Register of Historic Places (NRHP) is the United States federal government's official list of districts, sites, buildings, structures and objects deemed worthy of preservation for their historical significance or "great artistic v ...

in 1986. with 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. In March 2002, Potlatch sold its

Cloquet, Minnesota Cloquet ( ) is a city in Carlton County, Minnesota, United States, at the junction of Interstate 35 and Minnesota State Highway 33. Part of the city lies within the Fond du Lac Indian Reservation and serves as one of the reservation's three admi ...

, pulp and printing papers facilities and associated assets to

Sappi Sappi Limited, originally incorporated as ''South African Pulp and Paper Industries Limited'' in 1936, is a South African pulp and paper company with global operations. Products and operation South African Pulp and Paper Industries Limite ...

Limited for US$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 Skowhegan, Maine, and

Westbrook, Maine Westbrook is a city in Cumberland County, Maine, United States and a suburb of Portland. The population was 20,400 at the 2020 census, making it the fastest-growing city in Maine between 2010 and 2020. It is part of the Portland– South Portla ...

. In 2006, Potlatch

restructured Restructuring is the corporate management term for the act of reorganizing the legal, ownership, operational, or other structures of a company for the purpose of making it more profitable, or better organized for its present needs. Other reasons ...

to form a

real estate investment trust A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, including office and apartment buildings, warehouses, hospitals, shopping cente ...

(REIT). In this restructuring all of the company's manufacturing operations are held by a

wholly owned subsidiary A subsidiary, subsidiary company or daughter company is a company (law), company owned or controlled by another company, which is called the parent company or holding company. Two or more subsidiaries that either belong to the same parent company ...

, allowing the company to refocus on managing their large land holdings in

Oregon Oregon () is a U.S. state, state in the Pacific Northwest region of the Western United States. The Columbia River delineates much of Oregon's northern boundary with Washington (state), Washington, while the Snake River delineates much of it ...

Idaho Idaho ( ) is a state in the Pacific Northwest region of the Western United States. To the north, it shares a small portion of the Canada–United States border with the province of British Columbia. It borders the states of Montana and Wyom ...

Minnesota Minnesota () is a state in the upper midwestern region of the United States. It is the 12th largest U.S. state in area and the 22nd most populous, with over 5.75 million residents. Minnesota is home to western prairies, now given over to ...

, and

. In February 2018, Potlatch acquired Deltic Timber Corp., a smaller

-based timber company. Following the merger, the company was renamed PotlatchDeltic Corporation. The merged companies owned 2 million acres of timber in total.

Properties

The company owns about of timberland in rural Minnesota, Washington, Alabama, Mississippi, Louisiana, Idaho, Wisconsin and Arkansas. The forestry products that it sells are processed at seven company-owned facilities.

Spin-off of Clearwater Paper Corporation

On December 9, 2008,

Clearwater Paper Corporation Clearwater Paper Corporation is a pulp and paper product manufacturer that was created on December 9, 2008, via a spin-off from the real estate investment trust (REIT) company Potlatch Corporation. With its headquarters in Spokane, Washington, t ...

, previously a subsidiary of Potlatch, was created via a spin-off, with Gordon L. Jones, a vice-president of Potlatch, as the new company's president and CEO. Shares of Clearwater Paper (

NYSE The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It is by far the List of stock exchanges, world's largest s ...

: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.SAC urges Clearwater Paper to ready itself for sale
''Reuters'', 21 August 2012

References

External links

* {{authority control Companies based in Spokane, Washington Pulp and paper companies of the United States Forest products companies of the United States Real estate investment trusts of the United States Financial services companies of the United States Companies listed on the Nasdaq