Georgia-Pacific LLC announced today that it has reached an agreement to sell its engineered lumber business to Boise Cascade for $215 million, including working capital. The transaction is subject to standard regulatory review and other customary closing conditions.
"Georgia-Pacific is firmly committed to the building products industry. Although the engineered lumber business has been profitable and employees have done a great job running safe, productive assets and meeting our customers' needs, it is not a large part of our overall building products division," said Mark Luetters, Georgia-Pacific executive vice president – building products. "We believe this potential sale to an established player in the industry is in the best interest of our engineered lumber employees, customers and stakeholders."
Once completed, the sale will include the engineered lumber operations located at Thorsby, Alabama, (approximately 230 employees) and Roxboro, North Carolina, (approximately 40 employees), along with a commercial sales and technical team.
Based in Atlanta, Georgia-Pacific and its subsidiaries are among the world's leading manufacturers and marketers of bath tissue, paper towels and napkins, tableware, paper-based packaging, office papers, cellulose, specialty fibers, nonwoven fabrics, building products and related chemicals. The company employs nearly 35,000 people worldwide. For more information, visit gp.com.