Editing PotlatchDeltic

{{short description|American diversified forest products company}}
{{Infobox company 
| name = PotlatchDeltic Corporation
| logo = Potlatch Corp Logo.svg
| logo_size = 240px
| type = [[Public company|Public]] 
| traded_as = {{NASDAQ|PCH}}<br>[[List of S&P 400 companies|S&P 400 Component]]
| foundation = {{start date and age|1903}}<br>as Potlach Lumber
| location = [[Spokane, Washington]]
| key_people = Eric Cremers<br>([[Chief executive officer|CEO]], [[President (corporate title)|president]])<br/> Jerald Richards ([[Chief financial officer|CFO]])
| industry = Forestry<br>Real estate
| products = [[Lumber]], [[Plywood]]
| revenue ={{increase}}[[United States dollar|$]]1.337 billion (2021) 
| operating_income = {{increase}}$551  million (2021)
| net_income = {{increase}}$423 million (2021)
| assets = {{increase}}$2.535 billion (2021)
| equity= {{increase}}$1.526 billion (2021)
| num_employees =1,299 (2021)
| subsid = Potlatch TRS
| homepage = {{URL|https://potlatchdeltic.com}}
| footnotes = <ref name=10K>{{cite web|url=https://sec.report/Document/0000950170-22-001428/|title=Potlatch Corp. 2021 Annual Report 10-K|year=2022}}</ref>
}}
'''PotlatchDeltic Corporation'''<ref>{{cite web|url=https://globenewswire.com/news-release/2018/02/20/1362344/0/en/Potlatch-and-Deltic-Timber-Complete-Merger.html|title=Potlatch and Deltic Timber Complete Merger|access-date=May 14, 2018|date=February 20, 2018}}</ref> (originally Potlatch Corp) is an American diversified forest products company based in [[Spokane, Washington]].

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.'''<ref name="Reuters staff">{{cite web|url=https://www.reuters.com/article/us-deltictimber-m-a-potlatch/potlatch-nears-all-stock-acquisition-of-deltic-timber-sources-idUSKBN1CR0VH|title=Potlatch nears all-stock acquisition of Deltic Timber: sources|date=October 22, 2017|access-date=May 14, 2018|publisher=Reuters|agency=(staff)}}</ref><ref name="Arkansas Democrat-Gazette Staff">{{cite web|url=http://www.arkansasonline.com/news/2018/feb/21/arkansas-based-deltic-timber-completes-merger-potl/|title=Arkansas-based Deltic Timber completes merger with Potlatch |author=Arkansas Democrat-Gazette Staff |date=February 21, 2018|access-date=May 14, 2018|publisher=Arkansas Democrat-Gazette}}</ref> In 2021, the company harvested 5,515,000 tons of lumber.<ref name=10K/> In 2022, PotlatchDeltic merged with CatchMark Timber Trust, Inc.

==History==
[[File:Sawmill of the Potlatch Lumber Company, April 17, 1906 - Potlatch, Idaho (51211332295).jpg|thumb|240px|Sawmill in [[Potlatch, Idaho]], in April <!-- 17,-->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 [[Friedrich Weyerhäuser|Frederick Weyerhaeuser]], who was also an investor in Deary's Northland Pine business.<ref>{{cite web|url=https://digitalatlas.cose.isu.edu/geog/forestry/lmbermn.htm|title=Lumbermen In Idaho|publisher=Idaho State University|access-date=March 9, 2023}}</ref> 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.<ref>{{cite web|url=https://foresthistory.org/awards-fellowships/weyerhaeuser-award/charles-a-weyerhaeuser-biography/|title=Charles Augustus Weyerhaeuser|publisher=Forest History Society|access-date=March 9, 2023}}</ref> Potlatch planned a lumber mill on the [[Palouse River]] in [[North Central Idaho|north central]] [[Idaho]] and began construction in 1905, completing it in 1906.

[[File:Train of Logs for the Potlatch Lumber Company, circa 1907 - Potlatch, Idaho (4265195455).jpg|thumb|240px|Log train outside Potlatch, circa 1907]]

The company town of [[Potlatch, Idaho|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, Idaho|Latah County]] (behind [[Moscow, Idaho|Moscow]]), and the firm was the biggest taxpayer in Idaho for some years.<ref name=mra>{{cite web|url={{NRHP url|id=64000169}}|title=National Register of Historic Places Inventory/Nomination: Historic Resources of Potlatch MRA |author=Keith Petersen and Mary Reed |date=November 2, 1985 |publisher=[[National Park Service]] |access-date=January 12, 2017}}</ref>{{rp|8–9}} Its [[Commercial Historic District (Potlatch, Idaho)|commercial district]], which includes the main administrative building of the company, was listed on the [[National Register of Historic Places]] in&nbsp;1986.<ref name=nrhpdoc>{{cite web|url={{NRHP url|id=86002201}}|title=Idaho State Historical Society Inventory Sheet: Commercial Historic District |publisher=[[National Park Service]] |author=Keith Petersen and Mary Reed |date=November 2, 1985 |access-date=January 12, 2017 }} with {{NRHP url|id=86002201|photos=y|title=six photos from 1985}}</ref> William Deary also oversaw the building of a logging railroad connecting the mill to the [[Milwaukee Road]]'s [[Milwaukee Road#Pacific Extension|Pacific Extension]]; the town of [[Deary, Idaho|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, Idaho|Lewiston]] (opened in 1927), and the [[Coeur d'Alene Resort|Rutledge]] sawmill in [[Coeur d'Alene, Idaho|Coeur d'Alene]] (opened in 1916, closed in 1987).<ref>{{cite web|url=https://digitalatlas.cose.isu.edu/geog/forestry/lmbermn.htm|title=Lumbermen In Idaho|publisher=Idaho State University|access-date=March 9, 2023}}</ref>

=== 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|Weyerhaeuser Timber Company]] in 1933.<ref>{{cite web|url=https://www.worldforestry.org/wp-content/uploads/2018/03/WEYERHAEUSER-JOHN-P.-JR.pdf|title=John Philip (J.P.) Weyerhaeuser, Jr.|publisher=World Forestry|access-date=March 10, 2023}}</ref>

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&nbsp;1940.<ref>{{cite web|url=https://digitalatlas.cose.isu.edu/geog/forestry/lmbermn.htm|title=Lumbermen In Idaho|publisher=Idaho State University|access-date=March 9, 2023}}</ref>

=== Postwar Expansion ===

PFI grew significantly during the [[Post–World_War_II_economic_expansion|postwar economic expansion]], broadening its product portfolio and enlarging its manufacturing and sales footprint nationally.<ref>{{cite web|url=https://www.potlatchdeltic.com/about-history|title=PotlatchDeltic About History|publisher=PotlatchDeltic|access-date=October 24, 2024}}</ref> Notably:

* In 1950, PFI started up its first pulp and paperboard mill at the site of the Lewiston sawmill
* In 1953, PFI acquired a paper mill in [[Pomona, California]], and entered the [[Tissue (disambiguation)#Paper products|tissue]] business
* In 1958, PFI acquired Southern Lumber Company and Bradley Lumber Company, based in [[Warren, Arkansas]]
* In 1963, PFI began producing [[private label]] tissue products from its Lewiston mill
* In 1964, PFI acquired Northwest Paper Company, based in [[Cloquet, Minnesota]]
* In 1964, PFI moved its executive offices from Lewiston to [[San Francisco, California]]
* In 1968, PFI purchased a plywood plant in [[St. Maries, Idaho]]
* In 1973, PFI became '''Potlatch Corporation''', reflecting its diversification and expansion
* In 1977, Potlatch built its second pulp and paperboard mill in [[Arkansas City, Arkansas]], naming it the Cypress Bend Mill

=== Modern Day ===
The Potlatch mill operated until mid-August 1981,<ref name=hdtmahd>{{cite news |url=https://news.google.com/newspapers?id=as5eAAAAIBAJ&sjid=xTIMAAAAIBAJ&pg=5112%2C5071702 |work=Lewiston Morning Tribune |last=Johnson |first=David |title=Hard times ahead |date=August 13, 1981 |page=1A}}</ref><ref name=tmldy>{{cite news |url=https://news.google.com/newspapers?nid=BtfE7wd9KvMC&dat=19810815&printsec=frontpage&hl=en |work=Lewiston Morning Tribune |last=Johnson |first=David |title=The mill's last day |date=August 15, 1981 |page=1A}}</ref> and the company announced that mill closure would be permanent in 1983.<ref>{{cite web|url=https://www.intermountainhistories.org/items/show/112|title=Potlatch Lumber Mill and the Company Town|publisher=Intermountain Histories|access-date=March 10, 2023}}</ref> In&nbsp;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.<ref>{{cite web|url=https://www.nytimes.com/1985/11/13/business/potlatch-buys-out-belzbergs.html|title=POTLATCH BUYS OUT BELZBERGS|author=LAWRENCE M. FISHER|work=The New York Times|access-date=May 14, 2018|date=November 13, 1985}}</ref>

The Rutledge mill in Coeur d'Alene operated through October 1987;<ref name=swmlcp>{{cite news |url=https://news.google.com/newspapers?id=ayNZAAAAIBAJ&pg=7126%2C814176 |newspaper=Spokesman-Review |location=(Spokane, Washington) |last=Bond |first=David |title=Sawmill cleanup studied |date=September 17, 1987 |page=A6 }}</ref><ref name=bmlolk>{{cite news |url=https://news.google.com/newspapers?id=80JYAAAAIBAJ&pg=2671%2C1336876 |newspaper=Spokane Chronicle |location=(Washington)|title=Hagadone buying up more land on Lake Coeur d'Alene |last=Oliveria |first=D.F. |date=May 25, 1988  |page=A3 }}</ref><ref name=plchclscda>{{cite news|url=https://news.google.com/newspapers?id=81xYAAAAIBAJ&pg=3647,756728|newspaper=Spokane Chronicle|location=(Washington)|title=Potlatch will close Coeur d'Alene mill|last=Bond|first=David|date=January 21, 1987|page=A3}}</ref><ref name=lastlg>{{cite news|url=https://news.google.com/newspapers?id=lG5fAAAAIBAJ&pg=5763,114181|newspaper=Lewiston Sunday Tribune|location=(Idaho)|agency=Associated Press|title=Historic Rutledge Mill saws its final log|date=November 1, 1987|page=6B}}</ref><ref name=rutmildn>{{cite news|url=https://news.google.com/newspapers?id=qVpWAAAAIBAJ&pg=1971%2C9450751 |newspaper=Spokesman-Review|location=(Spokane, Washington)|title=Last log sawn at Rutlege mill in wee hours of morning|last=Bond|first=David|date=October 31, 1987|page=A6}}</ref><ref name=reuauc>{{cite news |url=https://news.google.com/newspapers?id=FL5YAAAAIBAJ&pg=3654%2C184278 |work=Spokesman-Review |location=(Spokane, Washington) |last=Trevison |first=Catherine |title=Rutledge auction wasn't run-of-the-mill |date=December 16, 1987 |page=B1}}</ref> the site was acquired by [[Duane Hagadone]] the following year in a three-way land swap,<ref name=rmsspos>{{cite news|url=https://news.google.com/newspapers?id=TKgpAAAAIBAJ&pg=5969,1985844|newspaper=Spokesman-Review|location=(Spokane, Washington)|title=Rutledge mill site sold, Potlatch official says|date=March 3, 1988|page=B2}}</ref><ref name=lndswp89>{{cite news|url=https://news.google.com/newspapers?id=o1lWAAAAIBAJ&pg=6632,8214179|newspaper=Spokesman-Review|location=(Spokane, Washington)|last=Jones|first=Grayden|title=Hagadone swapped land for resort site|date=April 12, 1989|page=A6}}</ref> and became the golf course (1991) of the [[Coeur d'Alene Resort]].<ref name=apropg>{{cite news |url=https://news.google.com/newspapers?id=rNRYAAAAIBAJ&pg=4278%2C3877582|newspaper=Spokesman-Review |location=(Spokane, Washington) |agency=staff and wire reports |title=April opening set for golf course |date=August 15, 1990 |page=B2 }}</ref><ref name=bbflgrinid>{{cite news |url=https://news.google.com/newspapers?id=oUZTAAAAIBAJ&pg=4618%2C3017892 |newspaper=Bend Bulletin |location=(Oregon)|agency=Associated Press |title=Floating green confronts players on Idaho course |date=June 13, 1991|page=E-8}}</ref><ref name=toppsed>{{cite news |url=https://news.google.com/newspapers?id=JVtWAAAAIBAJ&pg=3721%2C6106093 |newspaper=Spokesman-Review |location=(Spokane, Washington)|title=Tee-off pier proposed for floating green |date=September 20, 1991 |page=B1 }}</ref> Its&nbsp;buildings were allowed to be burned in June 1988; local fire departments used it as a training exercise.<ref name=ffwgpwm>{{cite news|url=https://news.google.com/newspapers?id=1r5YAAAAIBAJ&pg=6777,5665557|newspaper=Spokesman-Review|location=(Spokane, Washington)|last=Bender|first=David|title=Firefighters will get practice when mill is set ablaze in June|date=May 25, 1988|page=A9}}</ref><ref name=jsoktb>{{cite news|url=https://news.google.com/newspapers?id=rb5YAAAAIBAJ&pg=5034%2C4745147|newspaper=Spokesman-Review|location=(Spokane, Washington)|title=Judge says its OK to burn buildings at Potlatch mill|last=Goffredo|first=Theresa|date=June 8, 1988|page=A1}}</ref>

After 32 years in [[San Francisco]], [[California]], corporate headquarters of Potlatch were moved from [[One Maritime Plaza]] to [[Downtown Spokane|downtown]] Spokane in&nbsp;1997;<ref name=pksr>{{cite news |url=https://news.google.com/newspapers?id=r7QpAAAAIBAJ&sjid=jPEDAAAAIBAJ&pg=4807%2C8505872 |work=Spokesman-Review |location=(Spokane, Washington) |last=Jones |first=Grayden |title=Potlatch picks Spokane for corporate HQ |date=May 20, 1997 |page=A1}}</ref><ref name=lmtspo>{{cite news |url=https://news.google.com/newspapers?id=waRfAAAAIBAJ&sjid=OjIMAAAAIBAJ&pg=6164%2C1398440 |work=Lewiston Morning Tribune |location=(Idaho) |last=Nelson |first=Lorraine |title=Potlatch to move its HQ to Spokane |date=May 20, 1997 |page=1A}}</ref><ref name=sfcmvo>{{cite news |url=https://www.sfgate.com/business/article/potlatch-moving-out-of-s-f-new-headquarters-2840229.php |work=San Francisco Chronicle |last=Kouis |first=Arthur M. |title=Potlatch moving out of S.F. / New headquarters will be in Spokane |date=May 20, 1997 |access-date=September 4, 2023}}</ref> from 1931 to 1965, the company was based in Idaho at&nbsp;Lewiston.<ref name=sjbntsv>{{cite news |url=https://www.spokanejournal.com/local-news/a-look-inside-potlatch-corp/ |work=Spokane Journal of Business |location=(Washington) |title= A look inside Potlatch Corp.: new arrival is Spokane's biggest company |last=Read |first=Paul |date=December 4, 1997 |access-date=September 4, 2023}}</ref><ref name=chagn>{{cite news |url=https://news.google.com/newspapers?id=ALxeAAAAIBAJ&sjid=7DAMAAAAIBAJ&pg=5530%2C504960 |work=Lewiston Morning Tribune |location=(Idaho) |last=Harrell |first=Sylvia |title=If choosing again, PFI would still move its offices from Lewiston – Cancell |date=May 3, 1971 |page=3}}</ref>

In March 2002, Potlatch sold its [[Cloquet, Minnesota]], pulp and printing papers facilities and associated assets to [[Sappi]] Limited for [[United States dollar|$]]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, Maine|Skowhegan]] and [[Westbrook, Maine|Westbrook]].<ref>{{cite web|url=https://www.nytimes.com/2002/03/19/business/company-news-sappi-to-acquire-potlatch-fine-paper-business.html|title=COMPANY NEWS; SAPPI TO ACQUIRE POTLATCH FINE PAPER BUSINESS|agency=Associated Press|access-date=May 14, 2018|work=The New York Times|date=March 19, 2002}}</ref>

In 2006, Potlatch [[Corporate restructuring|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.<ref name="Reuters staff"/><ref name="Arkansas Democrat-Gazette Staff"/>

==Properties==
The company owns {{convert|2100000|acre|sqmi km2}} of timberland in rural Alabama, Arkansas, Georgia, Idaho, Louisiana, Mississippi, and South Carolina.  Its&nbsp;forest products are processed at seven company-owned facilities.<ref name=10K/>

==Spin-off of Clearwater Paper==

In 2008, [[Clearwater Paper|Clearwater Paper Corporation]], previously a subsidiary of Potlatch, was created on December 9 via a [[Corporate spin-off|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.<ref>[https://web.archive.org/web/20160306161807/http://in.reuters.com/article/saccapital-clearwaterpaper-idINL2E8JKILL20120820 SAC urges Clearwater Paper to ready itself for sale], ''Reuters'', 21 August 2012</ref>

==See also==
*[[Potlatch, Idaho]]

==References==
{{Reflist}}

== External links ==
*{{official|https://potlatchdeltic.com/}}
*[https://www.lib.uidaho.edu/digital/plcphotos/timeline.html University of Idaho Library] – Potlatch Lumber Company Photograph Collection
{{Finance links
| name = PotlatchDeltic Corporation
| symbol = PCH
| reuters = PCH.O
| bloomberg = PCH:US
| sec_cik = PCH
| yahoo = PCH
| google = PCH
}}

{{NASDAQ Financial-100}}
{{S&P 400 companies}}

{{authority control}}

[[Category:Companies based in Spokane, Washington]]
[[Category:Pulp and paper companies of the United States]]
[[Category:Forest products companies of the United States]]
[[Category:Real estate investment trusts of the United States]]
[[Category:Financial services companies of the United States]]
[[Category:Companies listed on the Nasdaq]]
[[Category:Companies in the S&P 400]]