G-P to split consumer products from building products

ATLANTA - Georgia-Pacific Corp.&#39;s board of directors, at its regular meeting today, authorized the corporation&#39;s management team to finalize planning for the strategic separation of Georgia-Pacific&#39;s consumer products and packaging business from<br> its building products and distribution businesses. <br> <br> The company&#39;s board intends to consider for approval the finalized separation plan at its next regular meeting in May.<br> <br> &#34;For the past five years -- from the creation of The Timber Company through the acquisition of Fort James Corp. and in subsequent transactions - Georgia-Pacific has been taking deliberate, strategic steps to unlock the full value of the company. We continue to believe that through sharpened focus, our portfolio of assets -- properly configured -- will deliver greater value for our shareholders going forward,&#34; said A.D. &#34;Pete&#34; Correll, Georgia-Pacific chairman and chief executive officer.<br> <br> The board also named Lee M. Thomas as president of the company&#39;s building products and distribution businesses, effective immediately.<br> <br> Thomas, 57, has served as executive vice president - consumer products since 2000, concurrent with the announcement of Georgia-Pacific&#39;s acquisition of Fort James. <br> <br> At that time, he assumed responsibility for preparing and executing plans for integrating Fort James into Georgia-Pacific and achieving<br> the operating synergies expected from the combination.<br> <br> Under Thomas&#39; leadership, the consumer products segment has reached annualized operating synergies of more than $316 million since the acquisition. <br> <br> In his new role, Thomas will continue to report to Correll and have executive management responsibility for Georgia-Pacific&#39;s $7 billion building products manufacturing and distribution business.<br> <br> Headquartered at Atlanta, Georgia-Pacific is one of the world&#39;s leading manufacturers and distributors of tissue, packaging, paper, building products, pulp and related chemicals. <br> <br> With annual sales of more than $25 billion, the<br> company employs more than 75,000 people at 600 locations in North America and Europe. <br> <br> <br>