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G-P Separating Timber Unit

Georgia-Pacific plans to put its lucrative timber business into a separately-traded company.

The timber group, which owns about 5.8 million acres of timberland and generates $547 million, will not be spun off, but will remain under Georgia-Pacific's management.

If approved by shareholders, the timber group would be North America's third largest private timberland owner with a separate class of common stock called "letter stock." Georgia-Pacific's existing common stock will be reclassified to reflect the building products, paper and pulp businesses.

Hechinger Cuts Asking Price

Hechinger Co. agreed to a lower buyout price from Leonard Green & Partners LP after reporting a $40.6 million second quarter loss.

In June, the retailer accepted an offer of $3 a share, totalling about $127 million. The new pact amounts to about $100 million, or about $2.37 a share.

Teen Work Ethic Worsening

The work ethic of employees between the ages of l4 and l8 is worse than it was a decade ago, according to a survey by Reid Psychological Systems.

Despite this perception of top U.S. employers, 69Vo of those surveyed say they are hiring just as many teens as l0 years ago.

Other findings reveal the lack of productivity that traditionally defines summer no longer exists; instead, the summer hours have a positive influence or no effect on employee performance.

PITCHING lN: More than 50 volunleers from APA-The Enoineered Wood Association, Structural Insulated Panel Association anii Timber Frame Business Council joined Habitat for Humanity and local Congressman Jack Metcalf t6 build a structural insulated pinel home in one day. The Southwestem Washington prgect is one of live demonstration homes co-sponsored.by APA to research the energy efficiency and thermal perform'ance of diffrirent building systems.