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May 1, 2001 12:00 AM

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Georgia-Pacific Corp. and Domtar Inc. today announced that the companies have signed a letter of intent for Domtar to acquire a portion of Georgia-Pacific’s pulp and paper business. The proposed purchase price and other terms were not disclosed pending final agreement between the parties.
The assets involved are Georgia-Pacific’s stand-alone uncoated fine paper mills at Ashdown, AR.; Nekoosa and Port Edwards, WI.; and Woodland, ME, as well as the associated pulp facilities.
The sale, which is contingent on the completion of due diligence, execution of a definitive agreement and customary approvals, is expected to be completed in the second quarter 2001. Georgia-Pacific will use proceeds from the sale to repay debt.