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GEORGIA-PACIFIC REACHES AGREEMENT IN SALE OF ROOFING MANUFACTURING BUSINESS

 ATLANTA, Jan. 7 /PRNewswire/ -- Georgia-Pacific Corp. (NYSE: GP) today announced that it signed a definitive agreement with Atlas Roofing Corp., based at Meridian, Miss., to sell the assets of Georgia-Pacific's roofing manufacturing business.
 The assets involved in the transaction include roofing plants at Ardmore, Okla.; Daingerfield, Texas; Franklin, Ohio; Hampton, Ga.; and Quakertown, Pa.
 Although the sale price is not being disclosed, Georgia-Pacific expects the sale to result in after-tax cash proceeds between $30 million and $35 million.
 The agreement includes a contractual arrangement between Atlas Roofing and Georgia-Pacific's Building Products Distribution Division, under which Georgia-Pacific will continue to purchase products manufactured at these roofing facilities and market the products through its national wholesale distribution network.
 Under terms of the definitive agreement, Atlas Roofing intends to offer employment to substantially all employees of Georgia-Pacific's roofing manufacturing business.
 The sale, which is expected to close in the 1994 first quarter, is subject to authorization by Georgia-Pacific's board of directors, applicable regulatory approvals and other closing conditions.
 -0- 1/7/94
 /CONTACT: Sheila Weidman, 404-652-4732, or John Buchholz, 404-652-6098, both of Georgia-Pacific/
 (GP)


CO: Georgia-Pacific Corporation; Atlas Roofing Corp. ST: Georgia, Mississippi IN: PAP SU: TNM

BR -- AT001 -- 0035 01/07/94 08:35 EST
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Publication:PR Newswire
Date:Jan 7, 1994
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