Bowater Announces Sale of Timberlands in Maine.GREENVILLE, S.C.--(BUSINESS WIRE)--Oct. 21, 1998--Bowater Incorporated (NYSE NYSE See: New York Stock Exchange : BOW) today announced that it has agreed to sell approximately 1 million acres of timberland in the state of Maine to J.D. Irving, Limited of Saint John, New Brunswick Saint John[3] is the largest city in the province of New Brunswick and the oldest incorporated city in Canada. In 2006 the city proper had a population of 68,043. The population of the Census Metropolitan Area is 122,389. , for US$220 million. As part of the sale, Bowater and Irving will enter into an agreement to supply wood fiber from the purchased timberlands to Bowater's paper making operations at Great Northern Paper in Millinocket and East Millinocket, Maine Millinocket is a town with a mill in Penobscot County, Maine, USA. The population was 5,203 at the 2000 census. It is home to a hospital. History It began with the selection of a site for the Great Northern Paper Company in 1899. Charles W. . Completion of the sale is subject to normal conditions and regulatory approvals. The sale is expected to be finalized in the first quarter of 1999. The transaction includes lands that are primarily located in Aroostook, Piscataquis and Penobscot Counties in Northern Maine and Pinkham Lumber Co., a 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 that is located at Nashville Plantation, about eight miles north of Ashland, Maine. Pinkham employs approximately 100 people. "This transaction is part of the company's continuing effort to optimize its rich asset base through re-deployment for greater shareholder value," said Arnold M. Nemirow, Bowater's Chairman, President 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. . Earlier this week, the company said that funds from asset sales will be used for the continued reduction of debt, repurchase of shares and other strategic purposes. Bowater Incorporated, headquartered in Greenville, SC, is a global leader in newsprint. In addition, the company makes coated and uncoated groundwood papers, bleached kraft pulp and lumber products. It has 11 pulp and paper mills in the United States, Canada and Korea. These operations are supported by more than 4 million acres of timberlands owned in the United States and Canada and over 14 million acres of timber cutting rights in Canada. The company is one of the world's largest users of recycled newspapers and magazines. 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. |
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