Property Rights Foundation of America®

News Brief - Summer 2007:

Finch, Pruyn & Co. is Sold to Connecticut Holding Company; Soon All 161,000 acres of Timber Land Go to The Nature Conservancy
Finch, Pruyn & Co. shareholders agreed on April 24 to sell the assets of the Glens Falls paper manufacturing company to a joint venture of Blue Wolf Capital and Atlas Holdings, with the sale to be completed in June, the Glens Falls Post-Star reported the day after the vote. A family-owned firm founded in 1865, Finch Pruyn employs about 850 people, is the largest for-profit employer in the Adirondack region, and is the second largest private landowner in New York, according to reports. The company is a leader in the premium uncoated printing paper market. A new company called Finch Paper Holdings, based in Connecticut, was created. Richard Carota, Finch Pruyn's chairman, president and CEO since 1984, was retained. But bad news soon followed. In a joint release with Finch Paper Holdings on June 18, The Nature Conservancy announced that, concurrently with the closing of the previously announced sale of all of Finch Pruyn's assets to Finch Paper Holdings, it purchased all 161,000 acres of the company's forest land in the Adirondacks for $110 million, or $683 an acre, according to the Post-Star. The Nature Conservancy borrowed the full purchase price from the Open Space Conservancy, a branch of the Open Space Institute, and John Hancock Life Insurance Co. Finch Paper Holdings has a twenty-year agreement with The Nature Conservancy to continue logging on the timber lands.

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