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BOWATER DECLARES DIVIDENDS

 DARIEN, Conn., Feb. 26 /PRNewswire/ -- The board of directors of Bowater Incorporated (NYSE: BOW) today declared a quarterly cash dividend of $0.15 per common share payable on April 1, 1993, to holders of record of said stock at the close of business on March 10, 1993.
 The board also declared a quarterly cash dividend on the company's LIBOR Preferred Stock, Series A, at a rate of 2.869 percent per annum equal to $0.36 per share payable on April 15, 1993, to holders of record of said stock at the close of business on March 10, 1993.
 For the last 13 quarters, Bowater has paid a quarterly dividend of $0.30 per common share. "This has been consistent with our policy of paying a dividend averaged over good and bad years," said A. P. Gammie, chairman and CEO. "However, with the combined effect of an extended recession and prolonged price weakness for our products, our cash flow has been sharply reduced and it no longer is prudent to pay a dividend at that rate."
 Gammie said that the company has a cash conservation program under way with at least three major components of which the reduction in the dividend is one. "We have capital expenditures reduced to the minimum and are offering for sale such assets as selected timberlands," he said.
 Bowater Incorporated is a major manufacturer of newsprint, lightweight coated and uncoated groundwood publication papers, market pulp, lumber and a large converter of communication papers for computer forms and other business applications.
 -0- 2/26/93
 /CONTACT: SuAnne B. Aune, director-investor relations of Bowater, 203-656-7253, or at home, 203-327-7558/
 (BOW)


CO: Bowater Incorporated ST: Connecticut IN: PAP SU: DIV

CK -- NY044 -- 0919 02/26/93 14:19 EST
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Publication:PR Newswire
Date:Feb 26, 1993
Words:291
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