Bowater Incorporated finalized a transfer to the state (today/yesterday) of three-thousand acres on the Cumberland Plateau.
The paper company announced nearly two years ago it was divesting its land holdings in Tennessee, which then were close to 400-thousand acres. At that time, conservationists feared an all-out land rush on the plateau by developers looking to build second homes for wealthy families. Today’s gift represents land that already was protected from development by conservation easements but still owned by Bowater.
The company hasn’t met an original timeline to be divested of its timberlands by the first of this year. Bowater CEO Dave Paterson says unlike other paper companies who are also getting out of the land business, his company is selling small blocks to individuals.
“The reality is, we’re getting better value for the land and I think the people who are buying the land intend to keep it in forestry or perhaps put a home on it, but my knowledge is not for mass development.”
Bowater is counting on much of the land staying in timber production in order to feed its mill in Calhoun.
Today’s transfer also includes 500 acres of land purchased outright by the state, including a tract near the historic town of Rugby and land along the Cumberland Trail.
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