Georgia-Pacific Completes Sale of Paper Manufacturing Assets to Domtar
Press release from the issuing company
ATLANTA, Aug. 7 Georgia-Pacific Group today announced it has completed the sale of a portion of its pulp and paper assets to Domtar Inc. (NYSE: DTC; Toronto) for $1.65 billion. Proceeds from the sale will be used to repay debt.
"Completion of this divestiture -- the largest in the company's history -- is a major milestone in our ongoing transformation,'' said A.D. "Pete'' Correll, chairman and chief executive officer of Georgia-Pacific. "In the first seven months of 2001, we have made tremendous progress in realigning our portfolio of assets.''
The assets sold were Georgia-Pacific's stand-alone uncoated fine paper mills at Ashdown, Ark.; Nekoosa and Port Edwards, Wis.; and Woodland, Maine, as well as associated pulp facilities. These operations employ approximately 3,200 people.
Georgia-Pacific will continue to own and operate white paper mills at Camas, Wash.; Crossett, Ark.; Port Hudson, La.; and Wauna, Ore. In addition, Georgia-Pacific's Unisource subsidiary remains the sole national distributor of Xerox branded papers.
Also today, Georgia-Pacific announced that George Wurtz, senior vice president - consumer products manufacturing - central, will succeed David Paterson as president - paper and bleached board. Paterson was previously named executive vice president - pulp and paperboard.
In his new role, Wurtz will have responsibility for Georgia-Pacific's ongoing communications paper business, as well as the company's kraft paper and bleached board businesses. He will oversee an organization that will include manufacturing facilities at Port Hudson, La.; Crossett, Ark.; and Palatka, Fla.
WhatTheyThink is the global printing industry's go-to information source with both print and digital offerings, including WhatTheyThink.com, WhatTheyThink Email Newsletters, and the WhatTheyThink magazine. Our mission is to inform, educate, and inspire the industry. We provide cogent news and analysis about trends, technologies, operations, and events in all the markets that comprise today's printing and sign industries including commercial, in-plant, mailing, finishing, sign, display, textile, industrial, finishing, labels, packaging, marketing technology, software and workflow.