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GEORGIA-PACIFIC AND BOWATER COMPLETE JOINT ARRANGEMENT

 GEORGIA-PACIFIC AND BOWATER COMPLETE JOINT ARRANGEMENT
 ATLANTA, Dec. 31 /PRNewswire/ -- Georgia-Pacific Corp. (NYSE: GP) today said that Bowater Incorporated (NYSE: BOW) and Georgia-Pacific have entered into the previously announced joint arrangement regarding the company's Millinocket and East Millinocket, Maine, mills, hydroelectric assets that power the mills, the Pinkham Lumber Co. at Ashland, Maine, and approximately 2.1 million acres of associated timberland.
 For $300 million in cash, Bowater purchased an 80 percent ownership position in the operations. The jointly owned company, which is called Great Northern Paper, Inc., will be managed by Bowater.
 The joint arrangement gives Bowater the right to purchase Georgia-Pacific's 20 percent interest and gives Georgia-Pacific the right to require Bowater to purchase the interest on or after June 30, 1992. The amount to be paid by Bowater upon exercise of either option would be $22 million.
 Georgia-Pacific is one of the world's largest forest products companies, employing some 60,000 people at more than 500 plants, mills, distribution centers and offices throughout the United States. In Maine, Georgia-Pacific continues ownership of its Woodland, Maine, pulp and paper mill, two building product manufacturing facilities, two building product distribution centers and more than 500,000 acres of timberland.
 -0- 12/31/91
 /CONTACT: Sheila Weidman of Georgia-Pacific, 404-521-4732/
 (GP BOW) CO: Georgia-Pacific Corporation; Bowater Incorporated; Great Northern
 Paper, Inc. ST: Georgia, Maine IN: PAP SU: JVN


BN-BR -- AT001 -- 5854 12/31/91 11:01 EST
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Publication:PR Newswire
Date:Dec 31, 1991
Words:237
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