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POPE & TALBOT COMPLETES PURCHASE OF CANADIAN LUMBER MILL

 POPE & TALBOT COMPLETES PURCHASE OF CANADIAN LUMBER MILL
 PORTLAND, Ore., April 15 /PRNewswire/ -- Pope & Talbot Inc. (NYSE: POP) today announced completion of the purchase of a sawmill in Castlegar, British Columbia. The purchase price was $22 million(Canadian), which included working capital and assumption of approximately $3 million(Canadian) for ongoing reforestation liabilities.
 The acquisition will allow Pope & Talbot to increase its Canadian output by 225 million board feet annually. Canadian mill capacity will nearly double to 465 million board feet, and the company's total lumber capacity will increase by 40 percent to nearly 800 million board feet. When operating at capacity, lumber sales will represent about 40 percent of total Pope & Talbot revenues.
 The Castlegar mill has been shut down since last fall. Plans are to start up the mill later this month and immediately go to full production. The mill will fit very well with Pope & Talbot's other two Canadian sawmills which are only one hour's drive away. Timber supply will come from Provincial lands and will be harvested under long-term cutting rights.
 Peter T. Pope, chairman, president and chief executive officer, stated, "This acquisition continues our strategy of acquiring existing assets as a method of providing long-term sales and earnings growth." He continued, "Pope & Talbot now has a larger relative position in lumber than almost any other diversified forest products company. This should be beneficial to our earnings as the housing industry recovers." Pope concluded, "We are excited about this natural fit for our Canadian subsidiary, Pope & Talbot Ltd."
 Pope & Talbot Inc. is a publicly held, Portland-based paper, pulp and wood products company traded on the New York Stock Exchange. Pope & Talbot was founded in 1849 and has operations throughout the United States and Canada.
 -0- 4/15/92
 /CONTACT: C. Lamadrid of Pope & Talbot, 503-228-9161/
 (POP) CO: Pope & Talbot Inc. ST: Oregon, British Columbia IN: PAP SU: TNM


SC-LM -- SE013 -- 8898 04/15/92 16:23 EDT
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Publication:PR Newswire
Date:Apr 15, 1992
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