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| Type | Public (Pink Sheets: ABWTQ) |
|---|---|
| Founded | 2007 (Abitibi-Consolidated and Bowater merger) |
| Headquarters | Montreal, Quebec Canada |
| Area served | Worldwide |
| Key people | John W. Weaver Ph.D. (Chairman) David J Paterson (President), (CEO) & (Director) |
| Industry | Pulp and Paper |
| Products | Newsprint Uncoated Groundwood Wood Products Recycling Services, Electricity |
| Revenue | ▲ US$ 3.876 billion (2007) |
| Operating income | ▼ US$ -400.00 million (2007) |
| Net income | ▼ US$ -490.00 million (2007) |
| Total assets | ▲ US$ 10.319 billion (2007) |
| Total equity | ▲ US$ 1.899 billion (2007) |
| Employees | 15,600 (2008) |
| Website | www.AbitibiBowater.com |
AbitibiBowater Inc. (Pink Sheets: ABWTQ) is a pulp and paper manufacturer headquartered in Montreal, Quebec, Canada, formed by the merger of Bowater and Abitibi-Consolidated, which was announced 29 January 2007.[1] The merger, which was validated in October 2007,[2] created the third largest pulp and paper company in North America, and the eighth largest in the world. On 16 April 2009 the company filed for bankruptcy protection in the United States, citing its debt of almost $5 billion USD ($2.9 billion from its Canadian division Abitibi-Consolidated, $1.8 billion from its American division, Bowater);[3] the following day it won court approval for $206 million to finance restructuring.[4]
Controversy
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This section needs additional citations for verification. Please help improve this article by adding reliable references. Unsourced material may be challenged and removed. (October 2009) |
AbitibiBowater manages the largest area of publicly owned forestland in Canada. Less than 30% of their forestlands according to data from Global Forest Watch remains intact. Since July 2007, the company is at the center of controversy in Canada's Boreal Forest over the loss of old-growth and intact forests, and related impacts on threatened wildlife including woodland caribou. A number of major customers of the company have reduced or cancelled contracts in order to reduce their exposure to environmental and reputational risk.[5]
References
- ^ "Abitibi, Bowater merging to create forestry giant". CBC News. 2007-01-30. http://www.cbc.ca/money/story/2007/01/29/abitibibowater.html. Retrieved 2007-02-26.
- ^ http://www.forbes.com/feeds/ap/2008/12/03/ap5776605.html
- ^ "AbitibiBowater files for bankruptcy protection". CBC News. 2009-04-16. http://www.cbc.ca/canada/montreal/story/2009/04/16/mtl-abitibi-0416.html. Retrieved 2009-04-16.
- ^ "AbitibiBowater gets court OK for $206 mln DIP". Reuters. 2009-04-17. http://uk.reuters.com/article/marketsNewsUS/idUKN1734999020090417. Retrieved 2009-04-20.
- ^ Greenpeace Boreal Forest campaign
External links
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