Plum Creek trims 39 more jobs

Plum Creek's employment base has been cut further. The company recently cut 39 employees in Montana, spokeswoman Kathy Budinick confirmed.

The cuts weren't entirely in manufacturing. Twenty-four salaried positions were cut and the rest were hourly. The jobs ranged from support services, Internet technology, to finance and manufacturing, Budinick said.

"It continues to be an extremely challenging business environment for us," she said.

Plum Creek lost $44 million in its manufacturing segment last year, Budinick noted.

On the plus side, the employees should be eligible for trade adjustment assistance, meaning they could get free help with retraining in other fields as well as help with health insurance and unemployment.

Flathead County has one of the highest unemployment rates in the state. March unemployment was 12.7 percent, with about 6,085 unemployed, according to Montana Department of Labor statistics.

Lincoln and Sanders counties were the only two counties in the state with higher unemployment rates. Lincoln County has a 16.6 percent unemployment rate, and Sanders a 16 percent rate.

Plum Creek's stock, however, is back on the rise. In March it was about $24.50 and as of last week was trading at about $33.70.

The company's coffers, as of late, have been boosted considerably by real estate sales. In February, the company sold 111,740 acres in the Swan Valley for $250 million in one of the largest conservation deals in U.S. history.

The Nature Conservancy and The Trust for Public Land will hold the land and eventually transfer ownership to the Forest Service.

Funds for the acquisition were obtained through a provision within the 2008 Farm Bill created by Montana Sen. Max Baucus.

When the deal is fully completed, a total of 310,000 acres of Plum Creek lands will be purchased. As part of the sale, Plum Creek retains a 10-year fiber agreement on the land.

This is the second phase of the purchase. The first was completed in December when the two groups purchased 130,000 acres from Plum Creek.