Abitibi-Consolidated, Bowater Complete Deal

AbitibiBowater Inc. has completed its previously publicized merger Abitibi-Consolidated Inc. and Bowater Inc. According to the newly constituted firm AbitibiBowater is the third largest publicly traded paper and forest products company in North America and the eighth largest in the world.

AbitibiBowater will have headquarters and executive offices in Montréal, Québec.

According to John W. Weaver, Executive Chairman of AbitibiBowater, "By combining Abitibi-Consolidated and Bowater, we have created a global leader that is well positioned to compete in an increasingly challenging global market. We look forward to drawing on the best practices from both organizations and on the strengths of a proven management team to deliver greater value to our stockholders, customers, employees and other stakeholders."

"This is an exciting time for the recycling division and, particularly for the Abitibi Paper Retriever program since this combination creates a stronger, more competitive company with a brighter future," said Denise Piotrowski, area manager for Abitibi Paper Retriever in the Cleveland area.

"The Abitibi Paper Retriever recycling program is an important part of AbitibiBowater’s overall effort to ensure the wise use of resources while managing recycled newsprint manufacturing quality and costs. We encourage all citizens to continue recycling paper at their local school, church or charity" Piotrowski continued.

As previously announced and as part of the closing of the combination of Abitibi-Consolidated and Bowater to form AbitibiBowater, Bowater Canada Inc., amended its articles in order to, among other matters, change its name to AbitibiBowater Canada Inc.

Following the required divestiture agreed to with the U.S. Department of Justice, AbitibiBowater will own or operate 31 pulp and paper facilities and 35 wood products facilities located in the United States, Canada, the United Kingdom and South Korea.