G-P shareholders approve split of company, IPO set
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Posted 5:31PM on Tuesday 7th May 2002 ( 23 years ago )
ATLANTA - The board of Georgia-Pacific Corporation voted Tuesday to separate the company's lucrative consumer products business into a new company and sell some of its shares to the public. <br>
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Georgia-Pacific will continue as a building products and distribution firm, with annual sales of about $13 billion. <br>
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The IPO is scheduled for the third quarter. <br>
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It will involve 15 percent to 20 percent of the new company, which has yearly sales of more than $12 billion from brands such as Angel Soft and Quilted Northern bathroom tissue and Brawny paper towels. <br>
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Atlanta-based Georgia-Pacific will use the funds from the sale to pay off debt and distribute the remaining shares to its shareholders next year. <br>
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Shareholders met today in Augusta, where the company was established 75 years ago as a lumberyard.
http://accesswdun.com/article/2002/5/194966
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