AbitibiBowater announces intention to sell approximately 76,700 hectares of select timberland assets in Quebec
Last update: 5:41 p.m. EDT Oct. 28, 2008
MONTREAL, Oct 28, 2008 /PRNewswire-FirstCall via COMTEX/ -- ABH (NYSE, TSX)
AbitibiBowater announced today that it intends to divest three forest units located in the Mauricie and Bas-Saint-Laurent regions in the Province of Quebec, Canada. These timberland assets include the Seigneuries of Perthuis, Nicolas-Riou and Lac Metis, which comprise a total area of approximately 76,724 hectares (or 189,508 acres) and have a timber inventory of over 7.7 million cubic meters. Scotia Capital Inc. has been retained as exclusive financial advisor for the sale process, and all inquiries or expressions of interest should be forwarded directly to their attention.
AbitibiBowater produces a wide range of newsprint, commercial printing papers, market pulp and wood products. It is the eighth largest publicly traded pulp and paper manufacturer in the world. AbitibiBowater owns or operates 27 pulp and paper facilities and 34 wood products facilities located in the United States, Canada, the United Kingdom and South Korea. Marketing its products in more than 90 countries, the Company is also among the world's largest recyclers of old newspapers and magazines, and has more third-party certified sustainable forest land than any other company in the world. AbitibiBowater's shares trade under the stock symbol ABH on both the New York Stock Exchange and the Toronto Stock Exchange.