Bowater Announces Pending Sale of Star Forms.GREENVILLE, S.C.--(BUSINESS WIRE)--Aug. 26, 1996--Bowater Incorporated (NYSE NYSE See: New York Stock Exchange : BOW) today announced the signing of a definitive agreement to sell its converting business known as Star Forms Incorporated (formerly Bowater Communications Papers Incorporated) to CST CST abbr. 1. Central Standard Time 2. convulsive shock treatment CST Central Standard Time Noun 1. Office Products, Inc. for approximately $80 million, including $60 million in cash and $20 million in notes. The transaction is expected to be finalized in the fourth quarter of 1996, subject to certain conditions. Bowater anticipates reporting a gain, which will be determined upon completion of the sale. Star Forms Incorporated, which operates five converting plants, is a producer and marketer of continuous stock computer forms for impact and high-speed laser printers, as well as other business communications papers. Star Forms markets these products through a network of approximately thirty distribution centers to service customers in major metropolitan areas throughout the U.S. CST Office Products, Inc. is a privately held corporation Noun 1. privately held corporation - a corporation owned by a few people; shares have no public market close corporation, closed corporation, private corporation headquartered in Wheeling, Ill., producing a variety of paper products sold throughout North America. The combined entities will be led by Keith C. Koski, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of CST Office Products, Inc. Bowater Incorporated, headquartered in Greenville, S.C., is the largest producer of newsprint in the U.S., and also makes coated and uncoated groundwood papers, bleached kraft pulp and lumber products. It has five paper mills and 3.6 million acres of timberlands in the U.S. and Canada. Bowater Incorporated common stock is listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. , U.S. regional exchanges, the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. and the Swiss Stock Exchanges. CONTACT: Bowater Inc. Robert D. Leahy, 864/282-9571 (Media) 864/234-0941 (Home) Donald J. D'Antuono, 864/282-9370 (Analysts) 864/234-5899 (Home) |
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