KINGSEY FALLS, QC, Feb. 21 /CNW Telbec/ - Cascades Inc. (CAS on the Toronto Stock Exchange), a leader in the recovery of recyclable
materials and the manufacturing of green packaging and tissue paper
products, announces that it has reached an agreement on February 18,
2011, with OpenGate Capital a private equity firm, for the sale of its
Norampac Avot-Vallée mill. The transaction should be completed on March
Located in the North of France, Norampac Avot-Vallée specializes in the
manufacturing of linerboard (white Testliner) made from 100% recycled
fibres, produces more than 145,000 tons yearly and has approximately
160 employees. Since 1987, Cascades supports its French subsidiary with
strategic investments that have enabled Norampac Avot-Vallée to be the
1st French producer in terms of white Testliner volume and to work with the
largest European groups.
"Since Norampac's priority is to consolidate its leader position in
North America, Cascades came to the conclusion that it would be more
strategic for the group to sell the Avot-Vallée mill to a company that
has the ability to ensure its development and continuity", said
Marc-André Dépin, President and Chief Executive Officer of Norampac, a
Division of Cascades Canada Inc.
Mr. Alain Lemaire, Cascades' President and Chief Executive Officer
added: "This transaction is part of our strategy to simplify our
portfolio of assets, reduce our debt and concentrate on developing and
improving the competitiveness of our key operations in packaging,
tissue papers and recovery. Therefore, I wish to thank all the
employees for their involvement and efforts over the last 20 years."
Founded in 1964, Cascades produces, converts and markets packaging and
tissue products that are composed mainly of recycled fibres. The
Company employs close to 12,500 employees, who work in more than 100
units located in North America and Europe. Its management philosophy,
its experience of over 45 years in recycling and its continued efforts
in research and development are strengths that enable Cascades to
create new products for its customers. Cascades' shares trade on the
Toronto Stock Exchange, under the ticker symbol CAS.
SOURCE CASCADES INC.
For further information:
|For further information: |
Director, Investor Relations
President and Chief Executive Officer
Norampac, a Division of Cascades Inc.