Aug 26, 2005. /Lesprom Network/. Georgia-Pacific Corp. has completed the sale of its joint venture interest in G-P Flakeboard to its partner, the Canadian-based Flakeboard Co. The transaction value was not disclosed. The joint venture operated two facilities, a particleboard plant in Bancroft, Ontario, and a medium density fiberboard (MDF) plant in Sault Ste. Marie, Ontario. Operations at the Bancroft facility have been suspended since May 2003. The Sault Ste. Marie facility employs 105 people. "Flakeboard had a real interest in owning the operations outright," said David J. Paterson, Georgia-Pacific executive vice president - building products. "We looked at our assets and the products produced at these plants and decided that they fit better with Flakeboard's strategy. It was a win-win situation." "This acquisition is another major step in Flakeboard's business integration strategy," said Kelly Shotbolt, president and CEO, Flakeboard Co. "This move positions us in a segment of the market that is strong and conducive to further product development, and is consistent with our philosophy of providing the highest quality products and service to our customers." Headquartered at Atlanta, Georgia-Pacific is one of the world's leading manufacturers and marketers of tissue, packaging, paper, building products and related chemicals. With 2004 annual sales of approximately $20 billion, the company employs 55,000 people at more than 300 locations in North America and Europe.