Word: plywoods
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Since war's end, Georgia-Pacific has boosted sales from $13 million to an estimated $65 million this year, and has become the nation's biggest plywood producer.* But it owned little timberland, thus was afraid of being caught in a price squeeze in purchasing its raw material. This week Georgia-Pacific's Cheatham found a neat solution to the problems of both companies. He bought out the Johnson company lock, stock & barrel stave for $16.8 million...
...Loss. Until five years ago, Georgia-Pacific wasn't making any plywood at all. It was merely a lumber company known as the Georgia Hardwood Lumber Co. which Owen Cheatham had started 20 years ago in a tiny Augusta, Ga. bungalow. After he graduated from a military academy, young Cheatham spent a few years learning the lumber business in several small companies, before he started Georgia Hardwood with $6,000 of his own and $12,000 borrowed from friends. A crack salesman, Cheatham sold $250,000 in lumber the first year, netted $24,000. The company has made money...
...selling 50% of his lumber abroad. During the war, he picked up four sawmills at sawdust-cheap prices, and was ready with his own lumber supplies when World War II ended. By 1946, he had annual sales of $13 million, and a young management raring to expand. The booming plywood business seemed just the thing...
...Gamble. He put out his first stock issue and bought a plywood company in the Northwest. Then he borrowed $2,500,000, got control of three more, and changed the company's name. In two years, sales quadrupled to $45 million...
...Georgia-Pacific ran into trouble. An earthquake in the Northwest did $250,000 worth of damage to its plywood plants, a price war cost it still more, and profits plummeted 90%. But Cheatham went right on picking up bargains with surplus cash. He bought a $2,000,000 plywood plant for the distress price of $300,000, snagged the Acme Door Corp. for less than its net asset value. It now accounts for 5% of all U.S. sales of wooden doors...