For nearly 100 years we have managed our timberland asset for growth. What started out as 900,000 acres in 1900 now encompasses more than 5.3 million acres throughout the United States and timber licenses on 27 million acres in Canada. We’ve also grown internationally with joint ventures in New Zealand and Uruguay.

During 1998, this focus on growth once again produced strong results from our Timberlands sector. We did, however, feel the effect of the Asian economic situation. Prices for both export and domestic logs dropped in response to lower Asian demand and higher inventories in the United States. This drop was offset somewhat by higher stumpage values in the southern United States. >