(Reuters) - AbitibiBowater Inc said it plans to cut about 60 jobs and invest about C$12-$17 million at its paper mill in Ontario to improve pulp and newsprint quality.
The job cut will be at the Iroquois Falls, Ontario, paper mill, where the plant’s woodyard and woodroom will be gradually phased out, Montreal-based AbitibiBowater said in a statement.
“While it has been a good site over the years, this investment is necessary to meet today’s market and economic realities,” said Michel Maillé, vice president, pulp and paper operations.
Shares of the company, North America’s largest newsprint producer, were up slightly at C$15.97 on the Toronto Stock Exchange on Wednesday. (Reporting by Arnav Das Sharma in Bangalore; Editing by Sriraj Kalluvila)