Bowater Announces Sale Of Dryden Mill.GREENVILLE, S.C.--(BUSINESS WIRE)--Aug. 4, 1998--Bowater Incorporated (NYSE NYSE See: New York Stock Exchange :BOW) today announced the signing of a definitive agreement by which Bowater will sell the pulp and paper mill and related assets in Dryden, Ontario Dryden (2006 population 8,195) is the second largest city in the Kenora District of Northwestern Ontario, Canada located on Wabigoon Lake. It is currently the smallest community in the province of Ontario designated as a city. , to Weyerhaeuser Company (NYSE:WY) for C$790 million (currently estimated to be US$520 million). The transaction is expected to be finalized in the fourth quarter of 1998, subject to regulatory approvals. The transaction includes the Dryden mill, which has the capacity to produce 380,000 short tons of fine paper per year and a small amount of bleached market pulp, the Ear Falls sawmill sawmill, installation or facility in which cut logs are sawed into standard-sized boards and timbers. The saws used in such an installation are generally of three types: the circular saw, which consists of a disk with teeth around its edge; the band saw, which and the Dryden stud mill. Related Crown forest licenses will be transferred along with the production facilities. Bowater Incorporated, headquartered in Greenville, SC, is a global leader in newsprint, and also makes coated and uncoated groundwood papers, bleached kraft pulp and lumber products. It has 12 pulp and paper mills in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada and Korea. These operations are supported by more than 4 million acres of timberlands owned in the United States and Canada and over 18 million acres of timber cutting rights in Canada. Bowater 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 and 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. . A special class of stock exchangeable into Bowater common stock is listed on the Toronto and Montreal exchanges.
CONTACT: Bowater, Inc.
Deborah L. Humphrey, 864/282-9571 (Media)
James H. Dorton, 864/282-9500 (Analyst)
|
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion