Arborgen to lease Triple T orchards
ArborGen, a global leader in the sale and development of advanced genetic seedlings that improve the productivity of forest trees, today announced that it has entered into an agreement with subsidiaries of TexMark Timber Treasury, L.P. (Triple T), to lease the Triple T Nursery and seed orchards located in Jasper County and Tyler County, Texas.
Triple T is a joint venture between CatchMark Timber Trust, Inc. and a consortium of large institutional investors, which owns 1.1 million acres of East Texas timberlands. The 5-year lease agreement beginning April 1, 2019, includes an option for ArborGen to purchase the nursery and seed orchards at the end of the lease. The agreement will allow ArborGen to increase its annual nursery production capacity and sales by approximately 30 million seedlings annually and immediately expand its seed orchard capacity, including advanced genetics seed in the important Texas region.
ArborGen has also entered into an exclusive multi-year agreement to supply Triple T all of its Texas seedling requirements. ArborGen President and CEO, Andrew Baum, said, "We are delighted to partner with Triple T and expand our capacity in an important loblolly region in the Southeast. This new relationship with Triple T will allow us to make our broad portfolio of loblolly seedling genetics more accessible to landowners in the Texas region, and we look forward to providing our genetics and customer service to these landowners." The Triple T nursery will become the eighth operational nursery location for ArborGen in the U.S. South, further expanding its advanced genetics loblolly seedlings supply in the Southeast.