Plum Creek repurchased 3.36 million shares, at an average price of $35.78 per share for the month of May and 0.90 million shares, at an average price of $36.08 per share for the month of June. The 4.26 million shares repurchased during the second quarter of 2006 reduced stock outstanding by approximately 2.3%.

Plum Creek is the largest and most geographically diverse private landowner in the nation, with 8.2 million acres of timberlands in major timber producing regions of the US. The company also owns and operates 10 wood products manufacturing facilities in the Northwest.

As with the old buyback program, the new program authorizes the company, at its own discretion, to buy back shares of its outstanding common stock from time to time with open-market purchases as market conditions warrant. "Through this program, we have acquired valuable timber and land assets at attractive values in the stock market, increasing our shareholders' proportionate ownership interest in these assets," Holley says.