Georgia-Pacific Consumer & Packaging Subsidiary Files for IPO
Tuesday, June 18, 2002
ATLANTA, June 17 - Georgia-Pacific Corp today announced that its newly-formed consumer products and packaging subsidiary has filed a registration statement on Form S-1 with the Securities and Exchange Commission for an initial public offering of its common stock. The new company filed the registration statement under its current name, CP&P Inc., but that name will be changed prior to the offering. CP&P will own and operate Georgia-Pacific's consumer products, packaging, and paper and pulp businesses after completion of a reorganization immediately preceding the offering. CP&P will receive the proceeds from the offering and the underwriters' over-allotment. Georgia-Pacific's board of directors on May 7 unanimously approved separating the company into two publicly traded companies -- a consumer products and packaging company, and a building products and distribution company, which will continue to operate under the Georgia-Pacific name. Goldman, Sachs & Co. is acting as the sole book-running lead manager of the offering, and Banc of America Securities LLC and Morgan Stanley & Co. Inc. are acting as senior co-managers.