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ATLANTA-- September 25, 2002--(PRNewswire)--
The Board of Trustees of the Institute of Paper Science
and Technology (IPST) has agreed, in principle, to
pursue a merger of IPST with the Georgia Institute
of Technology (Georgia Tech) as of July 1, 2003. Following
a year of study in which several universities were
considered, the Board accepted the Georgia Tech offer
at its regularly scheduled meeting on September 24,
2002. IPST will become one of four large interdisciplinary
research institutes on the Georgia Tech campus. It
will retain its current identity, name, and building.
The "Institute of Paper Science and Technology
at Georgia Tech" will be well positioned to provide
the innovative technology the paper industry needs
to change its competitive posture.
Chairman of the Board of Trustees A.D "Pete" Correll
said, "Georgia Tech is an outstanding school, and merging
the research and academic operations of IPST with them is a very
positive outcome in our search for a merger partner. A key element
in our final decision was our desire to position the Institute
where it can access the broadest set of advanced engineering skills
needed by this industry to increase its global competitiveness.
Georgia Tech has an outstanding science, computing, and engineering
skill base that we can draw upon. The paper industry desperately
needs innovative technologies, and we look forward to supporting
their development through the new IPST at Georgia Tech."
"This is the next logical step
in a productive relationship between Georgia Tech and
IPST," said Tech President Wayne Clough. "We
already have a strong working relationship through joint
research and academic degree offerings. IPST enjoys considerable
respect throughout the paper industry, and we hope to
build upon that excellent industry relationship. Similarly,
Georgia Tech can provide a robust research and educational
infrastructure to develop the next generation of paper
technology."
"This merger will further solidify
an already strong working relationship and maintain a
strong research and education component for a vital Georgia
industry," said Chancellor Tom Meredith of the University
System of Georgia. "Technological innovation is
critical for the competitive success of the paper industry.
Maintaining IPST in Georgia and formally merging with
Georgia Tech is important to the state and the industry
as a whole."
IPST President and alumnus James Ferris
welcomes the change and notes, "The merger with
Georgia Tech is a logical extension of our already close
relationship that has developed since we moved to this
campus in 1989. In 2000, we formed the closest bond yet
with the creation of the Center for Paper Business and
Industry Studies, a Sloan industry center jointly sponsored
by IPST and Georgia Tech's DuPree College of Management
and Ivan Allen College. In becoming part of Georgia Tech,
we simply take the final step to unite these two institutions.
Our faculty and students are already heavily involved
in activities with their Georgia Tech counterparts, and
removing the organizational barrier will benefit us all
as we continue to pursue our academic and research missions
to serve our customers."
Georgia is the second largest paper
producer in the United States and the state is heavily
involved with the forest products industry. IPST's unique
relationship with the paper and forest products industries
offers Georgia Tech the opportunity to fully engage its
knowledge base with the needs of one of Georgia's largest
traditional industries. In return, the pre-eminence of
Georgia Tech's research program, which generated $278
million in 2002, will provide IPST with access to outstanding
faculty and facilities.
A detailed plan to merge the operations
will be developed over the next six months through six
merger teams comprised of IPST, Georgia Tech, and industry
representatives. The Board of Regents of the University
System of Georgia and IPST's Board of Trustees must also
approve the final plan.
About IPST
The Institute of Paper Science and Technology has been an independent
graduate school and research center supported by the paper
industry for almost 75 years. Its graduates have a long history
of industry leadership and can be found in papermaking countries
around the world. The school, founded in 1929 and previously
named The Institute of Paper Chemistry, moved to the Georgia
Tech campus from Appleton, Wisconsin, in 1989. It has approximately
70 M.S. and Ph.D. students and conducts $10 million in research
annually. In 1998, it was recognized nationally as the fifth
most innovative school in the nation in terms of patents per
faculty member.
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