“In deciding to separate, we are recognizing that we have two distinct businesses with different financial and operating characteristics, capital needs, cyclicality, growth potential and investment attributes,” said A.D. “Pete” Correll, chairman and chief executive officer. “We are aligning our businesses into two new companies, each of which will have a distinct strategic focus and competitive strengths.”
G-P Board Approves Strategic Separation
June 28, 2002
Georgia Pacific Corp., Atlanta, announced that its board of directors unanimously approved separating the company into two publicly traded companies – a consumer products and packaging company, and a building products and distribution company.