Georgia-Pacific hurt by asbestos

NEW YORK - Company observers say investors are realizing there&#39;s no easy way for Georgia-Pacific to rid itself of its asbestos problem -- and that&#39;s crippling its shares. <br> <br> Last month it delayed a plan to spin off its consumer products and packaging operations into a separate company in an effort to separate the building products operation -- tainted by an asbestos legacy -- from its healthier consumer unit, which sells Brawny towels and Dixie paper plates. <br> <br> Analysts say asbestos played a major role in Georgia-Pacific&#39;s decision to shelve the separation strategy, perhaps permanently. <br> <br> The asbestos liabilities originate in gypsum board products Georgia-Pacific made until 1977. About 300,000 asbestos-related claims have been filed against the company. <br> <br> When the Atlanta-based company reports quarterly earnings today, analysts surveyed by Thomson First Call expect 41 cents a share, up 17 percent from earnings a year ago. Georgia-Pacific&#39;s solid consumer-products operation and cost-cutting are expected to offset its sluggish building products operation. <br> <br> The company is also generating enough cash to not only service its debt but also reduce it, they say.

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