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Bowater To Buy South Korean Mill

October 2, 2000

GREENVILLE, S.C. (AP) _ Bowater Inc. has signed a preliminary letter of intent to buy a paper mill in South Korea.

Bowater said Monday it has signed the agreement with Sepoong Corp. and its major creditor, Chohung Bank, to buy the Sepoong paper mill in Kunsan, South Korea, for $201 million.

The purchase is subject to negotiation of a final agreement, approval by Sepoong’s creditors, financial review and regulatory approval.

Bowater, the world’s second-largest newsprint producer, purchased the Halla recycled newsprint mill in Mokpo, South Korea, in 1998. It also has operations in the United States and Canada.

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