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Bowater to cut $80 M

Although details have yet to be released, Bowater has confirmed plans to implement an $80 million cost-cutting prog…

Although details have yet to be released, Bowater has confirmed plans to implement an $80 million cost-cutting program.

Bowater spokesman Gordon Manuel declined to comment on how the company plans to carry out the program, or on what effects it will have on specific operations. However, company chairman, president and CEO Arnold Nemirow cited a bolstered loony as one of the reasons for tightening the company’s purse strings.

“The sharp rise in the Canadian dollar and energy prices requires us to be even more aggressive at reducing costs,” he said.