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Article: AbitibiBowater to close mills, cut jobs
- Article from:
- AP Worldstream
- Article date:
- December 4, 2008
- Author:
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AbitibiBowater Inc., the world's largest newsprint maker, said Thursday it will close or idle at least four paper mills and cut some 1,100 jobs to bring its production capacity into balance with falling demand.
The Montreal, Canada-based company, whose stock has fallen about 97 percent this year, faces a deteriorating customer base as newspapers struggle and their demand for paper plummets. In October, demand fell 18.2 percent.
"The North American newsprint market continues to contract and our customers have told us they anticipate further decline," Chief Executive David J. Paterson said in a statement. "International customers have also indicated that ...