You’ve definitely held one of their products today. Maybe it was a Brawny paper towel to clean up a coffee spill, or perhaps a Quilted Northern roll. You might have even sipped from a Dixie cup at the office water cooler. But if you try to look up their stock ticker on the New York Stock Exchange, you’ll find absolutely nothing.
The company is huge. It’s a titan of the paper and building world, yet it operates in a sort of corporate shadow. People often guess it’s a public company or owned by some vague international conglomerate.
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Honestly, the truth is simpler but much more interesting. Since 2005, Georgia-Pacific has been a wholly owned subsidiary of Koch Industries.
That’s a name that carries a lot of weight in the business world. When Charles and David Koch decided to buy the company, they didn't just nibble at the edges. They swallowed the whole thing for about $21 billion. It was one of the largest private acquisitions in U.S. history at the time.
The $21 Billion Handshake
Before the deal went down, Georgia-Pacific was a public company. You could buy shares of "GP" just like you’d buy Apple or Ford. But the paper industry is notoriously cyclical and capital-intensive. Wall Street doesn't always have the patience for that.
The leadership at Georgia-Pacific, specifically then-CEO A.D. "Pete" Correll, was tired of the quarterly earnings treadmill. He famously said that operating as a private company would let them focus on long-term growth without worrying if the stock price would dip every time they invested in a new mill.
Why Koch Industries Wanted In
Koch Industries wasn't really a consumer brand company back then. They were the masters of "unsexy" industries: oil refining, pipelines, chemicals, and ranching.
So, why buy a company that makes toilet paper?
Basically, Koch saw Georgia-Pacific as a massive cash-flow machine. They already owned Koch Cellulose, which produced the pulp used in paper products. Buying the company that actually made the towels and napkins was a vertical integration dream.
Koch didn't just buy the brands; they bought:
- More than 300 manufacturing facilities.
- A massive distribution network.
- Thousands of acres of "mental real estate" in the form of brands like Angel Soft and Sparkle.
Who Is Calling the Shots in 2026?
Ownership is one thing, but who actually runs the day-to-day?
For years, Christian Fischer was the face of the company as CEO. He steered the ship through the messy supply chain issues of the early 2020s. However, the leadership structure at these massive private firms is always evolving. As of late 2025, Mark Luetters took over as the President and CEO of Georgia-Pacific.
Luetters isn't some outside hire. He’s a "Koch lifer" who has been with the parent company since 1989. He’s previously run Koch Ag & Energy Solutions and Koch Minerals & Trading. Moving him to the top spot at Georgia-Pacific is a clear signal that Koch wants the company to run like a well-oiled machine, integrated deeply with the rest of the Koch portfolio.
The "Private" Advantage (and the Drama)
Being owned by the Kochs means Georgia-Pacific doesn't have to explain itself to the public. They don't host open conference calls. They don't release 10-K annual reports that you can just download from the SEC website.
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This "invisibility" is a strategic choice. Since the acquisition, Koch has reinvested roughly 90% of earnings back into their businesses. It’s hard to do that when shareholders are screaming for dividends.
But it hasn't all been smooth sailing. One of the biggest headaches Koch inherited was the asbestos liability. Before 1977, Georgia-Pacific used asbestos in some of its joint compound products. For decades, the company has been fighting thousands of lawsuits.
They’ve used a controversial legal strategy known as the "Texas Two-Step" to handle these claims. They basically spun off the liabilities into a new company called Bestwall LLC and then put that company into bankruptcy. It’s a move that has been heavily criticized by victims' advocates but defended by the company as a way to fairly resolve claims without sinking the entire business.
Is Georgia-Pacific Still Based in Georgia?
Despite being owned by a Wichita-based conglomerate, Georgia-Pacific hasn't left its namesake.
The Georgia-Pacific Tower still dominates the Atlanta skyline. It’s a 52-story skyscraper that serves as the nerve center for their 30,000+ employees.
They are still one of the largest private employers in the South. If you go to places like Alabama, Arkansas, or Florida, you’ll find entire towns that basically exist because of a GP lumber mill or paper plant. Koch hasn't dismantled that; if anything, they’ve doubled down. They recently poured over $2 billion into capital improvements across their facilities to modernize them for the 2026 market.
A Look at the Portfolio
If you think they just make paper, you’re missing half the story. Their "Building Products" division is a monster.
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- DensGlass: That gold-colored fiberglass mat sheathing you see on construction sites? That’s theirs.
- Plywood and Lumber: They are one of the biggest suppliers to retailers like Home Depot and Lowe’s.
- Packaging: Every time you get a box from a major online retailer, there’s a decent chance the corrugated cardboard came from a GP plant.
What Most People Get Wrong
The most common misconception is that the Koch brothers (now Charles Koch and the estate of the late David Koch) personally micromanage what goes into your napkins.
That’s not how they operate.
Koch Industries uses a management philosophy called Principle-Based Management (formerly known as MBM). They treat each subsidiary like an independent business. Georgia-Pacific has its own HR, its own marketing, and its own R&D. They just have to meet the financial and cultural benchmarks set by the folks in Wichita.
Another myth is that the company is struggling because "print is dead." Sure, office paper sales aren't what they were in 1995. But humans will always need toilet paper, and the shipping boom has made the corrugated box business more valuable than ever.
Moving Forward: Actionable Insights
If you’re a business owner or a consumer curious about how this ownership affects you, here is what you need to know:
- For Contractors/Builders: Georgia-Pacific’s focus on R&D under Koch ownership has led to more specialized products like DensDeck and ForceField air barriers. They are pivoting hard toward "smart" building materials.
- For Job Seekers: Working at GP is effectively working for Koch. It’s a specific culture. They value "entrepreneurial" employees. If you like clear-cut corporate ladders, it might be tough. If you like autonomy, it’s a goldmine.
- For Consumers: The brands aren't going anywhere. Koch’s strategy is "long-term value." They aren't looking to flip the company for a quick profit. They want to own the market for the next 50 years.
Ownership of Georgia-Pacific remains firmly in the hands of Koch Industries (specifically Koch, Inc.). While the faces at the top might change, the strategy of being a private, diversified powerhouse is likely the reality for the foreseeable future.
To keep track of their latest moves, you can monitor the Koch Industries Newsroom or the Georgia-Pacific official site, as they are the only reliable sources for a company that doesn't have to answer to Wall Street.