AbitibiBowater subsidiary Augusta Newsprint in Augusta, Georgia, to invest US$55M in pre-treatment, paper drying equipment; local authority approves first step in authorization of Industrial Revenue Bonds to support project
June 17, 2011
AbitibiBowater Inc. subsidiary Augusta Newsprint will invest up to US$55 million in new equipment at its Augusta, Georgia, location, according to a statement released on Thursday by The Development Authority of Richmond County.
The announcement followed a meeting of the authority's board of directors, which unanimously approved a resolution for the issuance of industrial revenue bonds to Augusta Newsprint. The approval provides authorization for the company, which employs 326 people in the city, to begin obtaining the equipment.
Byrd Warlick, attorney for Augusta Newsprint/AbitibiBowater, told the board the company plans a two-phase equipment modernization plan. In the first phase, equipment will be installed to pre-treat pre-production materials, while phase two will provide a more energy-efficient paper drying system.
The authority has worked with Augusta Newsprint on its expansion plan for several months, said its executive director Walt Sprouse, adding that AbitibiBowater aims to emphasize the facility's efficiency and bring new investment to the area.
The primary source of this article is WJBF News, Augusta, Georgia, on June 16, 2011.