Seattle, Washington, USA, 04 August 2010 -- Plum Creek Timber Company, Inc. (NYSE: PCL) announced that its board of directors authorized a new USD 200 million share repurchase program. The program authorizes the company, at its own discretion, to periodically buy back shares of its outstanding common stock with open-market purchases as market conditions warrant.

Plum Creek completed its previously approved USD 200 million share repurchase program in May 2010, repurchasing USD 50 million, or 1.37 million shares, of common stock at an average price of USD 36.37 per share.

“We remain focused on shareholder value creation and will continue our disciplined approach to capital allocation.  Plum Creek stock remains the most compelling timberland investment available in today’s market,” said Rick Holley, president and chief executive officer.