Bowater Announces Sale of Timberlands in North and South Carolina.GREENVILLE, S.C.--(BUSINESS WIRE)--Oct. 5, 1999-- Bowater Incorporated (NYSE NYSE See: New York Stock Exchange : BOW) today announced that Calhoun Newsprint Company, a majority-owned subsidiary majority-owned subsidiary A firm in which more than 50% of outstanding voting stock is owned by the parent company. of Bowater, has agreed to sell approximately 133,000 acres of timberlands in North and South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. to investors of Wachovia Timberland Investment Management, a business unit of Wachovia Bank, N.A., for $163 million, consisting of cash and notes. The investor group includes a wholly-owned subsidiary of Teachers Insurance and Annuity Association of America, the world's largest pension system. Completion of the sale is subject to normal conditions. The sale is expected to be finalized in the fourth quarter of 1999. 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 eight pulp and paper mills in the United States, Canada and South Korea. The company also owns and operates a coating operation and three sawmills that produce softwood dimension lumber. These operations are supported by 2 million acres of timberlands owned or leased 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 consumers 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 (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). and ME: BWX). |
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