They have done enuff damage to Canada already , now its the States turn. Now talk about bailouts , too bad no one has ever kept track of all the Government "TAXPAYERS" $$$ this company has got, over the years .
AbitibiBowater cutting 1,100 jobs, closing plants
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Reuters
December 04, 2008
Stock prices are delayed 15 minutes. Source: Globe and Mail.
AbitibiBowater Inc., North America's largest newsprint maker, said it would slash production and eliminate 1,100 jobs in a new effort to cut costs in the slumping market.
The Montreal-based company said it would permanently close newsprint mills in Grand Falls, N.L., as well as a paper converting facility in Covington, Tenn.
AbitibiBowater will also temporarily idle its Alabama River mill and two machines in Tennessee, and implement revolving downtimes at other facilities until market conditions improve.
"The North American newsprint market continues to contract and our customers have told us they anticipate further decline. International customers have also indicated that export growth will not be as strong in the coming year," president and chief executive officer David J. Paterson said in a statement.
The company will incur about $45 million in severance and other closure charges, but would reach synergies from the merger of Abitibi and Bowater of $375 million by the end of 2008, a year ahead of expectations. |
