BOWATER TO MOVE HEADQUARTERS TO SOUTH CAROLINA
BOWATER TO MOVE HEADQUARTERS TO SOUTH CAROLINA DARIEN, Conn., March 5 /PRNewswire/ -- Bowater Incorporated
(NYSE: BOW) today announced that it would begin a phased transfer later this year of its headquarters functions from Darien, Conn., to Greenville, S.C., where its pulp and paper operations have been based since 1981. The formal relocation of the corporate office will take place by mid summer of 1993 and the company's Darien office will be closed shortly thereafter.
In an announcement to company employees, Anthony P. Gammie, Bowater chairman and C.E.O., said "With the completion of the acquisition of the Great Northern Paper, Inc., properties in Maine, we now have committed our major resources to being a pulp and paper company for a number of years to come. This is the business we know best, and it no longer makes organizational sense to maintain two overlapping headquarters functions." On July 1, 1992, the company's Pulp and Paper Group will be discontinued as a separate management organization. At that time, Dr. D.G. McMaster, presently a vice president of Bowater Incorporated and president of the Pulp and Paper Group, will become president and chief operating officer of the company and will be responsible for the sales and manufacturing activities of the company's pulp and paper operations, as well as for the company's information services. R.D. McDonough, senior vice president-finance and chief financial officer, D.J. D'Antuono, vice president-corporate development, E.R. Manning, vice president-general counsel and R.J. Pascal, president- Bowater Communications Papers, Inc., will continue to report to Gammie. R.E. Gustafson, vice president-human resources, has elected not to move to Greenville and a new vice president-human resources will be recruited who will be located in Greenville and report to Gammie. The Darien office currently employs fewer than 70 people. Most of the company's officers and many of its Darien managers and professionals are being invited to relocate to Greenville at various times through July of 1993. "The overall intent of the consolidation," said Gammie, "is to improve management communication and efficiency and to reduce overhead expense by concentrating all corporate administration in Greenville." Bowater Incorporated is a major manufacturer of newsprint, coated and uncoated groundwood publication papers and market pulp, and a large converter of communications papers for computer forms and other business applications. -0- 3/5/92 /CONTACT: Arthur H. King of Bowater, 203-656-7200, or at home, 203-655-4807/ (BOW) CO: Bowater Incorporated ST: Connecticut, South Carolina IN: PAP SU: SM -- NY063 -- 5542 03/05/92 14:49 EST
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|Date:||Mar 5, 1992|
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