Bowater makes cost reductions.
Bowater Inc., Greenville, South Carolina, USA, will reduce annual
costs by US$ 75 million and permanently remove approximately 100,000
metric tons of annual newsprint capacity. It will also sell 240,000
acres of timberland and four Canadian sawmills. Approximately US$ 40
million of the cost savings will result from a workforce reduction of
500 employees. The balance will come from manufacturing and distribution
cost savings. The elimination of newsprint capacity will occur through
the closure of a paper machine in the second quarter of 2003.