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Georgia-Pacific to Separate Timber Business

September 18, 1997|Reuters

Georgia-Pacific Corp., the country's second-biggest paper and forest company, said it will separate its timber business into a new operating group and create a new class of common stock to track its performance. The company said the move, which is subject to shareholder approval, will not alter its current financial or operating strategy. Under the plan, the Atlanta-based company would distribute one share of the timber operation's stock in the form of a dividend for each share of Georgia-Pacific. The new company would become the third-largest private timberland owner in the U.S., with 5.8 million acres. Georgia-Pacific stock jumped $4.06 to close at $98.63 on the New York Stock Exchange before trading was halted for the announcement.

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