U.S. firm scoops up Avenor mill

Article Abstract:

Weyerhaeuser Co. of Washington, the fourth-biggest forest products company in the US, has acquired Avenor Inc.'s fine paper mill in Dryden, Ontario, from Bowater Inc. of Greenville, SC, for C$790 million in cash. The mill, which Bowater decided to sell after acquiring Montreal, Quebec-based Avenor for C$2.5 billion in February 1998, makes 380,000 short tons of uncoated free sheet annually, 45% of which is exported to the US. The purchase was also aided by the strong US dollar that caused many Canadian firms interested in the mill to decline from participating in the bidding.

Comment:

Has acquired Avenor Inc's fine paper mill in Dryden, Ontario, from Bowater Inc of Greenville, SC, for C$790 mil in cash

Asset sales & divestitures, Acquisitions & mergers, Paper & Allied Products, Paper Manufacturing, Paper (except Newsprint) Mills, Uncoated Wood-Free Paper, Paper industry, Bowater Inc., Weyerhaeuser Co., Uncoated papers, Avenor Inc., Freesheet

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Bombardier defends government loans

Article Abstract:

Bombardier Inc., a large transportation company based in Montreal, Quebec, needs more government support to perform better in the aerospace industry, according to its chairman Laurent Beaudoin. Beaudoin explained that the Canadian aerospace industry itself requires more government support, despite already being the biggest in the world. Bombardier is currently the third-largest civil aircraft manufacturer in the world. Other nations are dedicated to investing money into their respective aerospace industries via lucrative military contracts for domestic firms.

Comment:

Needs more government support to perform better in the aerospace industry

Railroad Equipment, Public affairs

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Power expects approval to build rail cars in China

Article Abstract:

Power Corp. of Canada, headquartered in Montreal, Quebec, intends to form a joint venture with Bombardier Inc. to build a locomotive manufacturing facility in Shandong, China. The deal is expected to be consummated by the end of 1998. The move comes after the two firms signed a memorandum of understanding with the government of China in November. Power and Bombardier are expected to build and operate the train production plant in cooperation with the Chinese national railways Locomotive and Rolling Stock Industry.

Comment:

To form a joint venture w/ Power Corp. of Canada to build a locomotive mfg facility in Shandong, China

China, Locomotives, Power Corporation of Canada

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