August 29, 2011 / 5:34 PM / in 6 years

AbitibiBowater to restart Ontario sawmill

(Reuters) - Forest products company AbitibiBowater said it plans to invest C$32 million to restart and upgrade a currently idled sawmill.

The capital investment plan for the sawmill at Ignace, Ontario, includes addition of an energy system and kilns to dry lumber, and a planer and packaging system to allow for the production of market-ready finished lumber.

Engineering and other construction activities will occur over the next two years, with production expected to restart from 2014, the Montreal-based company said in a statement.

Earlier, the company had announced plans to invest about C$12-C$17 million at its Iroquois Falls paper mill in Ontario to improve pulp and newsprint quality.

Shares of the company, North America’s largest newsprint producer, were trading up 97 Canadian cents at C$16.55 on Monday on the Toronto Stock Exchange. (Reporting by Arnav Das Sharma in Bangalore; Editing by Sriraj Kalluvila)

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