AbitibiBowater Initiatives to Help Save $375 Million

MONTREAL—AbitibiBowater plans to permanently close four paper mills and suspend operations at others. These actions will reportedly result in the loss of about 2,600 jobs as the company vies to save $375 million by 2009.

The move by the newly formed company—created by the merger of Abitibi-Consolidated and Bowater Inc.—will lower its newsprint and commercial printing paper production capacity by about one million metric tons annually.