Koch Industries has successfully completed its $21 billion acquisition of Georgia-Pacific Corporation. Georgia-Pacific will retain its name and operate from its Atlanta headquarters as a privately held, indirect wholly owned subsidiary of Koch Industries.
Joseph Moeller is now G-P's president and chief executive officer and Bill Caffey has assumed his role as executive vice president, operations excellence and compliance. A.D. "Pete" Correll, formerly chairman and chief executive officer, will stay with the company as chairman of the board, to assist in the transition.
As a result of the merger, any outstanding shares of G-P not validly tendered in the tender offer have been cancelled and converted into the right to receive $48 per share in cash, without interest, (the same per share consideration paid in the tender offer).
Koch Industries, Inc., based in Wichita, KS, owns a diverse group of companies engaged in trading, operations and investments worldwide. In May 2004, Koch acquired G-P’s non-integrated market and fluff pulp operations in Mississippi and Georgia. These operations will be reintegrated into the G-P businesses following the acquisition.
A major producer of airlaid materials, G-P is the world’s 21st largest nonwovens producer with operations in Green Bay, WI.