Montreal, Quebec, Canada, 02 September 2009 -- /PRNewswire/ -- AbitibiBowater announced today that it has completed the sale of approximately 121,000 hectares (300,000 acres) of private timberlands in Quebec, Canada, for CAD 53 million in cash. AbitibiBowater plans to use the proceeds from this sale for general corporate purposes.
Timberlands located in the Mauricie, Charlevoix, and Saguenay regions were sold to two newly formed limited partnerships held by Societe de gestion d'actifs forestiers Solifor, s.e.c. Timberlands in the Cote-Nord region were sold to Amenagements 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 also is 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.