RICHMOND, Va. (AP) — Packaging company MeadWestvaco Corp. is selling its U.S. forestland to Plum Creek Timber Co. for $934 million.
Richmond, Va.-based MeadWestvaco said Monday that the sale includes about 501,000 acres in Alabama, Georgia, South Carolina, Virginia and West Virginia. The company will keep its oil and natural gas rights on 191,000 acres in West Virginia.
Seattle-based Plum Creek, a timber real estate investment trust, will pay $74 million in cash and $860 million in a 10-year installment note.
The companies also formed a joint venture involving 109,000 acres near Charleston, S.C. Plum Creek will invest $152 million in the new partnership.
Additionally, MeadWestvaco and Plum Creek signed a 25-year fiber supply deal for MeadWestvaco's Covington, Va., paperboard mill.
The transactions are expected to close by the end of the year.
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An Albuquerque Police officer involved shooting over the weekend marks the fifth since late October and city officials are taking notice.
A woman was stolen from her daughter's car, a woman who died more than five years ago.
Albuquerque police shot and killed a man Sunday night after responding to an assault call near UNM.
Deputies were led on a chase around 4 p.m. Monday after a person called 911 to report their vehicle had been stolen and was being driven recklessly around Albuquerque.
New Mexico could have hundreds of millions of dollars more to spend as legislators get ready to put together next year's budget in the upcoming legislative session.
Organizers of the Gildan New Mexico Bowl are hoping to shed the disappointing attendance numbers that weighed down the event last year when the Colorado State Rams and the Washington State Cougars face off Dec. 21.