Bowater Announces Memorandum of Understanding with Leading Conservation Groups to Protect Southern Forests, Cumberland Plateau;
30 June 2005 - 3:00AM
Business Wire
Bowater Incorporated, NRDC (Natural Resources Defense Council) and
the Dogwood Alliance jointly announced today the signing of an
accord to enhance the protection of the forests of the Cumberland
Plateau and other parts of the Southern United States. Steeped in
cultural and environmental heritage, the Cumberland Plateau region
is home to some of the most outstanding woodlands in North America.
The Memorandum of Understanding (MOU) signed today will help
promote both healthy forests and a strong, sustainable forest
products economy for generations to come. "This MOU reflects
Bowater's long standing support and involvement in the protection
of our forests by engaging in new areas of environmental
stewardship," said Arnold M. Nemirow, Chairman, President and Chief
Executive Officer. "This understanding could not have been
successfully achieved without the strong dedication and leadership
of both the NRDC and Dogwood Alliance." "Our aim is to promote
local jobs and strong communities while protecting the
irreplaceable landscape of the Cumberland Plateau. This new MOU
will prove that we can achieve both a robust economy and a healthy
environment," said John H. Adams, President of NRDC. "Bowater has
shown tremendous leadership by committing to this effort. We
commend them for their effort and hard work, and for taking forest
stewardship into the 21st century." "This is a major win for
hundreds of communities throughout Tennessee and the Southeastern
U.S. that have been living with the impacts of paper production for
generations and want strong communities and good jobs without
sacrificing the landscape," said Danna Smith, Policy Director for
the Dogwood Alliance. "We hope other paper producers in the South
will follow Bowater's lead." "I want to congratulate Bowater, the
Natural Resources Defense Council and the Dogwood Alliance for the
understanding they have reached to strengthen conservation efforts
on the Cumberland Plateau," said Governor Phil Bredesen. "This is
welcome news and we encourage others - from individuals to partners
in the public, private and not-for-profit sectors - to contribute
to the preservation and protection of special places and natural
resources in Tennessee." Highlights of the MOU include: -- Bowater
will end conversion of natural hardwood forests to pine plantations
on all the land it owns in the United States within three years.
Such conversions recently have totaled approximately 500 acres per
year. -- Bowater will stop buying from third-party land owners pine
fiber converted from natural forestland to pine plantations after
2007. The phase out will take place over the next three years. --
Bowater will expand its buffer zones during aerial applications of
herbicides and fertilizers to a uniform 300 feet. The company will
also formalize a public communication program of these activities.
-- Bowater is in the process of studying approximately 7,000 acres
of particularly sensitive areas (known as 'gulfs and coves') areas
on its Tennessee lands to identify those of exceptional ecological,
geological or historical significance. The company has committed to
take appropriate measures to protect these areas as they are
identified. While that study is underway, Bowater has agreed not to
sell or harvest those areas. Bowater (NYSE: BOW) has 12 pulp and
paper mills in the United States, Canada and South Korea, including
a facility in Calhoun, Tennessee that is one of the largest of its
type in North America. Bowater also has 12 North American sawmills
producing softwood lumber and two converting facilities, including
one in Covington, Tennessee. Bowater's operations are supported by
approximately 1.4 million acres of timberlands owned or leased in
the U.S. and Canada and 30 million acres of timber cutting rights
in Canada. The Natural Resources Defense Council is a national,
nonprofit organization of scientists, lawyers and environmental
specialists dedicated to protecting public health and the
environment. Founded in 1970, NRDC has more than 1 million members
and online activists nationwide, served from offices in New York,
Washington, Los Angeles and San Francisco. Dogwood Alliance is a
regional network of 70 grassroots organizations in 17 states and
concerned citizens from across the nation sharing a mission of
protecting Southern forests and communities by building
broad-based, diverse support for ending unsustainable industrial
forest practices.
Bowhead Specialty (NYSE:BOW)
Historical Stock Chart
From Sep 2024 to Oct 2024
Bowhead Specialty (NYSE:BOW)
Historical Stock Chart
From Oct 2023 to Oct 2024