Questions? +1 (202) 335-3939 Login
Trusted News Since 1995
A service for global professionals · Thursday, December 13, 2018 · 471,037,357 Articles · 3+ Million Readers

Canada In-Focus: AbitibiBowater Closes Asset Sales

June 10, 2010 (FinancialWire) (Go to for all of today’s featured news.) — AbitibiBowater (OTC: ABWTQ) said that its subsidiaries have completed the sale of three idle paper mills located in eastern Canada to a wholly owned affiliate of American Iron & Metal Company Inc. for C$8.7 million and the sale of assets located in British Columbia to an affiliate of Conifex Inc. for C$33.9 million. The eastern Canada sale included certain related assets and the property on which these paper mills are located, according to the company. The three paper mills sold to AIM are located in Beaupré, Donnacona and Dalhousie. As part of the sale, AIM has also agreed to acquire a fourth idle paper mill, located in Thunder Bay, Ontario.

In addition, AbitibiBowater said it will be paid 40% of the net proceeds from any subsequent sale of paper machines from these mills, of which AIM has undertaken to pay C$5 million on September 6, 2010, regardless of whether any such subsequent sale takes place.

The assets sold to Conifex, all located in Mackenzie, British Columbia, include a paper mill, two sawmills, including planer mills, as well as timberland operations with a forestry license providing an annual allowable cut of around 932,500 cubic meters.

Canada-based AbitibiBowater said it has streamlined its asset portfolio to focus on top-performing facilities by closing or idling 3.4 million metric tons of paper capacity, moving from an overall production capacity of 10.4 million metric tons to 7 million metric tons, since 2007. During this period, the Company has also sold aggregate assets and land for total proceeds of over $980 million.

AbitibiBowater produces a range of newsprint, commercial printing papers, market pulp and wood products. The company owns or operates 21 pulp and paper facilities and 24 wood products facilities located in the United States, Canada and South Korea.

Real-time, streaming research for companies and funds mentioned in FinancialWire(tm) news is available via the Investrend Research Syndicate, courtesy of Stock Smart (at

FinancialWire(tm) is committed to serving the financial community through true journalism and providing relevant resources to investors. Standards-based, independent equity research on numerous public companies is available through the Investrend Research Syndicate ( written by FIRST Research Consortium ( member-providers. Free annual reports and company filings for companies mentioned in the news are available through the Investrend Information Syndicate (at FinancialWire(tm), in cooperation with the Investrend Broadcast Syndicate, also provides complete, daily conference call and webcast schedules as a service to shareholders and investors via the FirstAlert(tm) Network’s “FirstAlert(tm) Daily” (at

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) website at and Additional resources for investors are also accessible via the FinancialWire(tm) website (at Contact FinancialWire(tm) directly via

[hlmsmlh] [cndnexh] [ndnsndnsndns] [mnfctrng] [mrgrsacqstns] [ftrdnwswnd]

Powered by EIN Presswire

EIN Presswire does not exercise editorial control over third-party content provided, uploaded, published, or distributed by users of EIN Presswire. We are a distributor, not a publisher, of 3rd party content. Such content may contain the views, opinions, statements, offers, and other material of the respective users, suppliers, participants, or authors.

Submit your press release