MONTREAL, Sept. 2 /CNW Telbec/ - AbitibiBowater announced today that it
has completed the sale of approximately 121,000 hectares (300,000 acres) of
private timberlands in Quebec, Canada, for C$53 million in cash.
AbitibiBowater plans to use the proceeds from this sale for general corporate
Timberlands located in the Mauricie, Charlevoix and Saguenay regions were
sold to two newly formed limited partnerships held by Société de gestion
d'actifs forestiers Solifor, s.e.c. Timberlands located in the Côte-Nord
region were sold to Aménagements forestiers Portneuf (3908666 Canada Inc.).
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 23 pulp and paper facilities and 29 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 third-party
certified 100% of its managed woodlands to sustainable forest management
standards. AbitibiBowater's shares trade over-the-counter on the Pink Sheets
and on the OTC Bulletin Board under the stock symbol ABWTQ.
For further information:
For further information: Investors: Duane Owens, Vice President,
Finance, (864) 282-9488; Media and Others: Pierre Choquette, Manager,
Government Relations and Public Affairs - Quebec, (514) 394-2178,