Georgia-Pacific Completes Acquisition of OSB Mills in South Carolina and Canada

/PRNewswire/ -- Georgia-Pacific today announced that is has completed the purchase of Grant Forest Products' oriented strand board (OSB) facilities at Allendale and Clarendon, S.C., as well as the facility at Englehart, Ontario, and the associated facility at Earlton, Ontario. The acquisition, first announced in January, totaled approximately $400 million.

"This acquisition represents a long-term, strategic investment by Georgia-Pacific, which will add value to our customers and our existing operations in Canada and the United States," said Mark Luetters, President - Georgia-Pacific Wood Products. "Georgia-Pacific is committed to working closely with employees, customers and suppliers as well as local government and business to ensure that the transition is as smooth and seamless as possible. We look forward to hitting the ground running and maximizing the potential of these facilities."

Georgia-Pacific OSB products include BlueRibbon® rated sheathing and sub-floor, Thermostat® OSB radiant barrier sheathing, DryGuard® enhanced OSB sub-floor and Nautilus® wall sheathing with pre-applied house wrap. The company also will offer many of the additional products made at the new facilities, including larger panels.

The process for the acquisition has involved a series of governmental approvals on both sides of the U.S. and Canadian border. These have included the Canadian court overseeing the Grant Forest Products Companies' Creditors Agreement Act filing, the Canadian Competition Bureau, the United States Federal Trade Commission, Investment Canada and the U.S. Bankruptcy Court in Delaware.

Georgia-Pacific currently has seven facilities operating in South Carolina as well as a wood and fiber supply office at Prosperity. In the state, Georgia-Pacific manufactures Dixie® products, corrugated packaging, thermosetting resins and building products.

Headquartered at Atlanta, Georgia-Pacific is one of the world's leading manufacturers and marketers of building products, tissue, packaging, paper, cellulose and related chemicals. The company employs more than 40,000 people at more than 300 locations in North America, South America and Europe. Georgia-Pacific creates long-term value by using resources efficiently to provide innovative products and solutions that meet the needs of customers and society, while operating in a manner that is environmentally and socially responsible and economically sound. The company has long been among the nation's leading manufacturers and suppliers of building products to lumber and building materials dealers and large do-it-yourself warehouse retailers, with brands such as Plytanium® plywood, DryPly® water repellent plywood, Ply-Bead® panels and Wood I Beam(TM) and XJ 85(TM) joists offered by Georgia-Pacific Wood Products LLC. DensArmor Plus® interior panels, DensGlass® Sheathing and ToughRock® drywall are offered by Georgia-Pacific Gypsum LLC. The familiar consumer tissue brands of Georgia-Pacific Consumer Products LP include Quilted Northern®, Angel Soft®, Brawny®, Sparkle®, Soft 'n Gentle®, Mardi Gras®, So-Dri® and Vanity Fair®. Dixie Consumer Products LLC, a Georgia-Pacific company, manufactures the Dixie® brand of tabletop products. For more information, visit www.gp.com

-----
www.fayettefrontpage.com
Fayette Front Page
www.georgiafrontpage.com
Georgia Front Page
Follow us on Twitter:  @GAFrontPage

Department of Justice Will Not Challenge Hospitals' Joint Purchasing Agreement

/PRNewswire/ -- The Department of Justice announced today that it will not challenge a proposal by Memorial Health Inc. (Memorial), and St. Joseph's/Candler Health System (St. Joseph's/Candler) to enter an exclusive joint purchasing agreement with respect to the purchase of certain medical and surgical supplies. The Department said that the proposed joint purchasing agreement may yield volume discounts and reduced transaction costs for the hospitals and ultimately could result in lower costs and increased hospital services for consumers.

Under the proposed agreement, Memorial and St. Joseph's/Candler would jointly evaluate medical and surgical products, designate suppliers and negotiate prices and other terms with them.

Memorial and St. Joseph's/Candler are 501(c)(3) non-profit organizations that own acute tertiary care hospitals in Savannah, Ga., that serve Southeast Georgia and the low-country area of South Carolina. Memorial owns and operates the Memorial Health University Medical Center. St. Joseph's/Candler owns and operates St. Joseph's Hospital and Candler Hospital.

The Department determined that the proposal meets the requirements of the antitrust safety zone set forth in Statement 7 of the Department's and Federal Trade Commission's Statements of Antitrust Enforcement Policy in Health Care. The safety zone requires that the cost of all products purchased through the joint purchasing agreement account for less than 20 percent of the total revenue of all products and services sold by each participant in the agreement. It also requires that products purchased through the joint purchasing agreement from a given supplier account for less than 35 percent of that suppliers' sale of those products in the relevant market. Memorial and St. Joseph's/Candler represented that they will abide by these limitations.

Under the Department's business review procedure, an organization may submit a proposed action to the Antitrust Division and receive a statement as to whether the Division currently intends to challenge the action under the antitrust laws.

A file containing the business review request and the Department's response may be examined in the Antitrust Documents Group of the Antitrust Division, U.S. Department of Justice, 450 Fifth Street, N.W., Suite 1010, Washington, D.C. 20530. After a 30-day waiting period, the documents supporting the business review will be added to the file, unless a basis for their exclusion for reasons of confidentiality has been established under the Business Review Procedure.

-----
www.fayettefrontpage.com
Fayette Front Page
www.georgiafrontpage.com
Georgia Front Page

Oglethorpe Power To Purchase Hartwell Peak Generating Plant

/PRNewswire/ -- Oglethorpe Power Corporation has notified the partners of the Hartwell Energy Limited Partnership of the Corporation's intent to purchase the 318 megawatt Hartwell plant, an oil and gas-fired peaking facility in northeast Georgia. The purchase price is $148.5 million, including approximately $54.0 million of existing project level debt, plus a working capital and fuel oil adjustment to be determined at closing. Completion of the sale is expected in the third quarter of 2009.

Oglethorpe Power already has a power purchase arrangement with the plant's owners to purchase the output of the plant through May 2019. As part of that arrangement, Oglethorpe Power has the right of first refusal if the plant is sold. In April 2009 International Power announced that it, together with its partner, had reached agreement to sell the Hartwell plant to Southern Power Company, subject to a decision by Oglethorpe Power on whether to purchase the plant itself under its right of first refusal.

In exercising the right to purchase the plant, Oglethorpe Power cited its existing power purchase agreement involving the plant and the need by its Member EMCs for additional peak generating capability following the termination of the existing arrangement.

"Our analysis shows that purchasing the Hartwell plant is a good strategic fit for Oglethorpe Power and our Member Systems," said Elizabeth B. Higgins, executive vice president and chief financial officer.

The purchase of the plant by Oglethorpe Power will be subject to applicable regulatory approvals and lender consent.

-----
www.fayettefrontpage.com
Fayette Front Page
www.georgiafrontpage.com
Georgia Front Page

Employees Would Like to Purchase Non-Traditional, Voluntary Benefits at Work

/PRNewswire/ -- Many full time working adults whose company provides them with employee benefits say they would be at least somewhat likely to purchase computers (45%) and home appliances (37%) through payroll deduction at work if the option were available.

The recent nationwide survey of 868 working U.S. adults employed full-time by companies who provide employee benefits was conducted online by Harris Interactive(R) on behalf of Purchasing Power(1).

According to the survey, more than three-fourths of full time employees whose company provides them with employee benefits (76 percent) said they would purchase a desktop, laptop, high definition television or home appliance (washer, dryer or refrigerator), power tools and/or a lawnmower in the next 12 months if credit or financing were not an issue.

However, in today's economic climate, many people are holding off making purchases. Some employers offer payroll deduction plans to aid employees in acquiring these types of items. The survey asked full time employees whose company provides them with employee benefits how likely they would be to purchase items like computers and household appliances if they could do so through payroll deduction. Specifically, 45 percent say they would be "at least somewhat likely" to purchase a desktop or laptop; 38 percent indicate they would be at least somewhat likely to buy a high definition television; and 37 percent report they would be at least somewhat likely to buy a home appliance (washer, dryer, refrigerator) if they were able to do so through their employer.

In fact, nearly one-fourth (24 percent) of full time employees whose company provides them with employee benefits said they would be "likely or very likely" to purchase a laptop or desktop computer through payroll deduction if it were an option. For high definition televisions, 19 percent of these adults said they would be likely or very likely to purchase through payroll deduction if possible, while 17 percent said they were likely or very likely to buy home appliances.

"Providing non-traditional voluntary benefits as part of the benefit package is a logical service employers can offer their employees, especially in today's economic climate, to help them acquire life-enhancing products should they choose to do so," said Richard Carrano, Purchasing Power President and Chief Financial Officer. "Although it's a benefit fully paid for by the employee, offering this type of employee benefit helps employers show they care about their employees and want to help. Adding a benefit like this also helps raise employee morale in today's economic environment," he added.

Purchasing Power, a voluntary benefit provider of employee purchase programs, helps working Americans to purchase life-enhancing items such as computers, electronics and appliances, through a disciplined, payroll deduction option. With its short pay back period, only 12 months, and with payments automatically taken from the paycheck, employees who struggle to acquire consumer goods in today's economy due to higher interest rates on credit cards or tightened access to credit have another choice.

"Purchasing Power gives employers another great way to improve their employees' lives during our country's unprecedented economic downturn," Carrano continued. "We are especially cognizant of those employees who do not have the means to pay in full upfront or have the ability to qualify for traditional financing during these lean credit times."

According to a November report by the Federal Reserve, nearly 60 percent of banks severely tightened their lending standards on credit card loans and 65 percent on other consumer loans in the last three months.

Survey Methodology

Harris Interactive(R) fielded the study on behalf of Purchasing Power from January 28 through January 20, 2009, via its QuickQuery(SM) online omnibus service, interviewing a nationwide sample of 2,219 U.S. adults aged 18 years and older, of which 982 were employed full-time, with 868 of those at a company that provides employee benefits. Data were weighted using propensity score weighting to be representative of the total U.S. adult population on the basis of region, age within gender, education, household income, race/ethnicity, and propensity to be online. No estimates of theoretical sampling error can be calculated; a full methodology is available.

-----
www.fayettefrontpage.com
Fayette Front Page
www.georgiafrontpage.com
Georgia Front Page

Bank of America Completes Merrill Lynch Purchase

/PRNewswire/ -- Bank of America Corporation today completed its purchase of Merrill Lynch & Co., Inc. creating a premier financial services franchise with significantly enhanced wealth management, investment banking and international capabilities.

"We created this new organization because we believe that wealth management and corporate and investment banking represent significant growth opportunities, especially when combined with our leading capabilities in consumer and commercial banking," said Bank of America Chairman and Chief Executive Officer Ken Lewis. "We are now uniquely positioned to win market share and expand our leadership position in markets around the world."

Bank of America will have the largest wealth management business in the world with approximately 20,000 financial advisors and more than $2 trillion in client assets. Global investment management capabilities will include approximately 50 percent ownership in BlackRock Inc., which at September 30 had $1.26 trillion in assets under management. Bank of America had $564 billion in assets under management in the same period.

The combination also adds strengths in debt and equity underwriting, sales and trading, and merger and acquisition advice, creating significant opportunities to deepen relationships with corporate and institutional clients around the globe.

Under terms of the agreement, shareholders of Merrill Lynch received .8595 shares of Bank of America common stock for each common share of Merrill Lynch.

As previously announced, Bank of America expects to achieve $7 billion in pre-tax expense savings, fully realized by 2012. Cost reductions will come from a range of sources, including the elimination of positions announced on December 11, and the reduction of overlapping technology, vendor and marketing expenses. In addition, the company is expected to benefit by leveraging its broad product set to deepen relationships with existing Merrill Lynch customers.

Forward-Looking Statements

Bank of America may make forward-looking statements, including statements about the financial conditions, results of operations and earnings outlook of Bank of America Corporation. The forward-looking statements involve certain risks and uncertainties. Factors that may cause actual results or earnings to differ materially from such forward - looking statements include, among others, the following: 1) projected business increases following process changes and other investments are lower than expected; 2) competitive pressure among financial services companies increases significantly; 3) general economic conditions are less favorable than expected; 4) political conditions including the threat of future terrorist activity and related actions by the United States abroad may adversely affect the company's businesses and economic conditions as a whole; 5) changes in the interest rate environment and market liquidity reduce interest margins, impact funding sources and effect the ability to originate and distribute financial products in the primary and secondary markets; 6) changes in foreign exchange rates increases exposure; 7) changes in market rates and prices may adversely impact the value of financial products; 8) legislation or regulatory environments, requirements or changes adversely affect the businesses in which the requirements or changes adversely affect the businesses in which the company is engaged; 9) changes in accounting standards, rules or interpretations, 10) litigation liabilities, including costs, expenses, settlements and judgments, may adversely affect the company or its businesses; 11) mergers and acquisitions and their integration into the company; and 12) decisions to downsize, sell or close units or otherwise change the business mix of any of the company. Accordingly, readers are cautioned not to place undue reliance on forward- looking statements, which speak only as of the date on which they are made. Bank of America does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements are made. For further information regarding Bank of America Corporation, please read the Bank of America reports filed with the SEC and available at http://www.sec.gov/.

-----
www.fayettefrontpage.com
Fayette Front Page
Community News You Can Use
Fayetteville, Peachtree City, Tyrone
www.georgiafrontpage.com
Georgia Front Page

Lufthansa and JetBlue Complete Stock Purchase Transaction

(PRIME NEWSWIRE) -- JetBlue Airways Corporation (Nasdaq:JBLU) and Deutsche Lufthansa AG (Xetra:WKN823212) today completed their stock purchase agreement transaction in which Lufthansa now holds a 19 percent stake in JetBlue.

With the conclusion of the financial transaction, Lufthansa and JetBlue will begin exploring innovative commercial arrangements designed to benefit both airlines and their customers.
New York-based JetBlue Airways has created a new airline category based on value, service and style. Known for its award-winning service and free TV as much as its low fares, JetBlue is now pleased to offer customers the most legroom throughout coach (based on average fleet-wide seat pitch for U.S. airlines). JetBlue introduced complimentary in-flight e-mail and instant messaging services on aircraft "BetaBlue," a first among U.S. domestic airlines. JetBlue is also America's first and only airline to offer its own Customer Bill of Rights, with meaningful and specific compensation for customers inconvenienced by service disruptions within JetBlue's control. Visit www.jetblue.com/promise for details. JetBlue serves 53 cities with 550 daily flights. With JetBlue, all seats are assigned, all travel is ticketless, all fares are one-way, and an overnight stay is never required. For information or reservations call 1-800-JETBLUE (1-800-538-2583) or visit www.jetblue.com.

DIRECTV(r) service is not available on flights outside the continental United States; however, where applicable FOX InFlight(tm) is offered complimentary on these routes. FOX InFlight(tm) is a trademark of Twentieth Century Fox Film Corporation. JetBlue's in-flight entertainment service is provided by LiveTV, a wholly owned subsidiary of JetBlue.