Georgia-Pacific

(GP)

will permanently close its idled pulp mill and chemical plant at Bellingham, Wash., which have been shut down since December to avoid high electricity costs.

The adjoining tissue paper and converting facilities at Bellingham will continue to operate using temporary electric generators until Georgia-Pacific, which is based in Atlanta, can find a cheaper power source. The tissue mill produces about 93,000 tons of tissue a year.

The closure means about 420 employees, many of whom haven't worked at the plant since December, will lose their jobs. About 330 people will continue operating the tissue plant.

In recent

New York Stock Exchange

trading, Georgia-Pacific rose 74 cents, or 2.6%, to $29.65.