ATLANTA, Georgia. January 18, 2001 -- Georgia-Pacific Resins Inc. (GPRI), a wholly-owned subsidiary and the chemical division of Georgia-Pacific Corp., today announced that it has acquired the remaining 50 percent of its joint venture with Masisa S.A. of Santiago, Chile.

The joint venture was initially formed in September 1998 when GPRI purchased 50 percent of Masisa’s existing wood adhesives manufacturing operations in Concepcion, Chile, and Concordia, Argentina.

"We are pleased to have completed this acquisition," said Mario Concha, president, chemicals. "The company’s recent expansion of formaldehyde capacity and a new phenolic adhesives reactor in Chile positions it to meet the growing needs of major wood products producers in the region."

Combined capacity of the plants in Chile and Argentina is about 190,000 tonnes per year of adhesives and approximately 105,000 tonnes per year (at 37 percent solution) of formaldehyde, the principal raw material of wood adhesives. In addition to operations in those countries, the company currently markets wood adhesive resins in Brazil and is considering building a manufacturing facility there.

Georgia-Pacific Resins is a market leader in chemical products for the building products and pulp and paper industries, as well as other industrial manufacturing processes. GPRI has a strong market position in the United States and is recognized for its world class technologies. It operates 20 chemical manufacturing operations and related research facilities.

Headquartered at Atlanta, Georgia-Pacific is one of the world’s leading manufacturers and distributors of tissue, pulp, paper and building products and related chemicals. With annual sales of approximately $27 billion, the company employs more than 85,000 people at 600 locations in North America and Europe.