Montreal, Quebec, Canada, 20 February 2009 -- /PRNewswire/ -- AbitibiBowater announced today that it has completed the sale of approximately 76,724 hectares (189,508 acres) of private timberlands in Quebec, Canada, for CAD 70 million in cash. AbitibiBowater plans to use the proceeds from this sale for general corporate purposes.
The Seigneurie of Perthuis, located in the Mauricie region, was sold to a newly formed limited partnership composed of Societe de gestion d'actifs forestiers Solifor, s.e.c. and the principal shareholder of Scierie Dion & Fils inc., a local sawmill operator. The Seigneuries of Nicolas Riou and Lac Metis, both located in the Bas-Saint-Laurent region, were sold to two newly formed limited partnerships created by Societe de gestion d'actifs forestiers Solifor, s.e.c. Scotia Capital Inc. acted as exclusive financial advisor to AbitibiBowater for this sale process.
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 24 pulp and paper facilities and 30 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 under the stock symbol ABH on the New York Stock Exchange and the Toronto Stock Exchange.