Spokane, Washington, USA and EL Dorado, Arkansas, USA 20 February 2018 -- (GLOBE NEWSWIRE) -- PotlatchDeltic Corporation(NASDAQ:PCH) ("PotlatchDeltic") today announced the successful completion of the previously announced merger of Potlatch Corporation with Deltic Timber Corporation in an all-stock transaction, creating a leading domestic timberland owner and top-tier wood products manufacturer. All closing conditions for the deal have been met.

The combined company has changed its name to PotlatchDeltic Corporation and its shares will trade on the Nasdaq Stock Market under the ticker PCH.

"Today marks the beginning of a stronger PotlatchDeltic, positioned for growth," said Chairman and Chief Executive Officer Mike Covey. "We are thrilled to be celebrating this milestone and eager to begin integrating our business and capturing significant merger benefits. Our businesses have solid plans in place to deliver on our synergy commitments and provide a seamless transition for our customers and other stakeholders."

The combination brings together two leading timberland owners and wood products manufacturers, while also combining two highly complementary and successful real estate businesses.

Together, the combined company has a highly productive and diverse timberland portfolio of nearly 2 million acres, with approximately 1.1 million acres in the U.S. South, 600,000 acres in Idaho, and 150,000 acres in Minnesota. The company operates eight wood products manufacturing facilities, including six lumber manufacturing facilities, one medium density fiberboard ("MDF") facility and one industrial plywood mill. In total, PotlatchDeltic has lumber capacity of 1.2 billion board feet, making it one of the leading producers in the U.S.

In accordance with the terms of the merger agreement, each outstanding share of Deltic Timber common stock immediately prior to the merger converted to the right to receive 1.80 shares of PotlatchDeltic common stock. In total, approximately 22 million common shares of PotlatchDeltic will be issued to Deltic Timber shareholders, representing approximately 35 percent of total shares of outstanding.

About PotlatchDeltic

PotlatchDeltic Corporation (NASDAQ:PCH) is a leading Real Estate Investment Trust (REIT) that owns nearly 2 million acres of timberlands in Alabama, Arkansas, Idaho, Louisiana, Minnesota and Mississippi. Through its taxable REIT subsidiary, the company also operates six sawmills, an industrial-grade plywood mill, a medium density fiberboard plant, a residential and commercial real estate development business and a rural timberland land sales program. In February 2018, Potlatch Corporation merged with Deltic Timber Corporation. PotlatchDeltic, a leader in sustainable forest practices, is dedicated to long-term stewardship and sustainable management of its timber resources. More information can be found at www.PotlatchDeltic.com.

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