EXHIBIT 99.1
Media Contact:
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Gordon R. Manuel
864-282-9448
Analyst Contact:
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Duane A. Owens
864-282-9488
FOR IMMEDIATE RELEASE
TUESDAY, APRIL 4, 2006
BOWATER ANNOUNCES NEW CEO
GREENVILLE, SC - Bowater Incorporated (NYSE: BOW) announced today that David J.
Paterson has been appointed President and Chief Executive Officer of the Company
effective May 1, 2006. He succeeds Arnold M. Nemirow, who is retiring as Chief
Executive Officer but will remain as non-executive Chairman until later this
year.
Since 2003, Mr. Paterson, 51, has been Executive Vice President of
Georgia-Pacific Corporation, in charge of its Building Products Division. He
joined Georgia-Pacific in 1987, and in recent years has been responsible for its
Pulp and Paperboard Division, its Paper and Bleached Board Division and its
Communication Papers Division. Mr. Paterson holds a Bachelor of Science Degree
from the School of Industrial and Labor Relations, Cornell University, and a
Masters in Business Administration from the University of Michigan.
"David brings a vast amount of business experience as well as a successful
record of accomplishments to Bowater. I am confident that he will provide the
strong leadership necessary to further our Company's financial recovery," said
Nemirow.
In January 2006, Mr. Nemirow, 63, announced his intention to retire
this year pending completion of a search for his successor. He joined Bowater in
1994 as President and Chief Operating Officer, becoming Chief Executive Officer
in March 1995, and Chairman in 1996. Prior to joining Bowater, Mr. Nemirow
served as President and Chief Executive Officer of Wausau Paper Mills Company
after spending sixteen years with Great Northern Nekoosa Corporation. He began
his career in 1969 with a Wall Street law firm.
Bowater Incorporated, headquartered in Greenville, SC, is a leading
producer of newsprint, coated mechanical and specialty papers. In addition, the
company makes bleached kraft pulp and lumber products. The company has 12 pulp
and paper mills in the United States, Canada and South Korea and 11 North
American sawmills that produce softwood lumber. Bowater also operates two
facilities that convert a base sheet to coated products. Bowater's operations
are supported by approximately 1.4 million acres of timberlands owned or leased
in the United States and Canada and 29 million acres of timber cutting rights in
Canada. Bowater is one of the world's largest consumers of recycled newspapers
and magazines. Bowater common stock is listed on the New York Stock Exchange and
the Pacific Exchange. A special class of stock exchangeable into Bowater common
stock is listed on the Toronto Stock Exchange (TSX: BWX).
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