Bowater Named To IndustryWeek's Top 100 List.GREENVILLE, S.C.--(BUSINESS WIRE)--Aug. 27, 1997--Bowater Inc. (NYSE NYSE See: New York Stock Exchange :BOW) today announced that it has been named as one of the world's best managed companies by IndustryWeek magazine. In its August 18 feature article, the magazine lists its selections for the world's 100 best-managed companies. Bowater is one of 65 U.S.-based companies to make the list, and the only company in the paper and forest products industry to receive the honor. The magazine cites Bowater's accomplishments in the areas of cost reduction, employee incentive programs, decentralization de·cen·tral·ize v. de·cen·tral·ized, de·cen·tral·iz·ing, de·cen·tral·iz·es v.tr. 1. To distribute the administrative functions or powers of (a central authority) among several local authorities. , and investments in operations to speed production, improve quality, and reduce waste. "We are pleased to have received this prestigious recognition as one of the world's best managed companies. The honor is a tribute to the dedicated efforts of Bowater's employees," said Arnold M. Nemirow, Bowater's 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. . Criteria for selection included financial performance, accounting and finance, sales and marketing, human resources, information services See Information Systems. , manufacturing operations, supply-chain management, distribution and logistics, global strategy, research and development, and corporate governance. The magazine utilized a judging panel of 50 international experts including business leaders, analysts, and academicians to make the selections. In Good Company Bowater joins an elite group in the IndustryWeek list, which includes many recognized global leaders such as BMW BMW in full Bayerische Motoren Werke AG German automaker. Founded as an aircraft engine manufacturer in 1916, the company assumed the name Bayerische Motoren Werke and became known for its high-speed motorcycles in the 1920s. , Boeing, Canon, Coca-Cola, Eastman Chemical, Intel, Motorola, Toyota and Xerox. The magazine will recognize the 100 Best Managed Companies at an awards ceremony in Chicago on October 14. Bowater Incorporated, headquartered in Greenville, SC, 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. James H. Dorton 864/282-9500 (Office) 864/228-2805 (Home) |
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