Montreal, Quebec, Canada, 06 January 2010 -- /CNW Telbec/ - AbitibiBowater announced today the closing of the sale of its Recycling Division's material recycling facilities located in Arlington, Houston, and San Antonio, Texas, to Waste Management Recycle America for $12 million.
The company will continue operating its recycling programs in Arlington, Houston, and San Antonio, and in 20 other major metropolitan areas across North America. With this transaction, AbitibiBowater will refocus its recycling efforts on its innovative community recycling Paper Retriever program, and on the EcoRewards recycling initiative for commercial customers. The company will ensure a smooth transition and remains committed to delivering top-quality service to its recycling customers. For more information on these programs, visit www.PaperRetriever.com and www.EcoRewards.com.
"The sale of our Texas processing assets allows us to refocus our energy on expanding our recycling services to more customers in more cities across North America, while supporting responsible paper use and recovery," said Sylvain Longval, vice president, Recycling - North America. "These turnkey recycling programs are a testament to AbitibiBowater's product stewardship, leadership in recycling and proactive approach to sustainability."
As part of the sale, the company's Recycling Division also has reached an agreement by which Waste Management Recycle America will process the materials generated by the Paper Retriever and EcoRewards programs in Arlington, Houston, and San Antonio.
These transactions are part of AbitibiBowater's ongoing restructuring efforts to streamline its businesses and work through its creditor protection filings.
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 28 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.