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Georgia-Pacific to split into two companies

May 8, 2002 12:00 AM

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The board of directors of Georgia-Pacific Corp. (Atlanta) has approved separating the company into two publicly traded businesses--one focusing on consumer products and packaging, and the other selling building products and distribution services. "This decision by the board is consistent with the strategic direction we have been taking since 1999," comments A.D. "Pete" Correll, chairman and CEO. Steps in Georgia-Pacific’s transformation have included the separation of its timberlands into The Timber Co. and the subsequent merger with Plum Creek Timber Co., the acquisition of Fort James Corp. and the sale of the majority of its white-paper assets to Domtar Inc. in 2001.

The consumer products/packaging company will be renamed, while the building products/distribution and Unisource businesses will continue as Georgia-Pacific Corp.