Georgia-Pacific to exit Turkish tissue market
Georgia-Pacific (GP) has signed an agreement with Turkish industrial group Eczacibasi in order to divest its 50% stake in Turkish joint venture company Ipek Kagit. Eczacibasi said it would thus become the sole owner of the Turkish tissue manufacturer. The share transfer is object to approval by the Competition Board and is scheduled to take effect in early 2012. The company did not mention the value of the transaction. The move follows GP's intention to sell its European tissue operations to SCA. The plants GP operates in Italy and Turkey had been excluded in the take over offer submitted to SCA.