KINGSEY FALLS, QC, Feb. 7 /CNW Telbec/ - Cascades Inc. ("Cascades" -
CAS-TSX) announced today that the merger of the recycled boxboard operations
of its European subsidiary Cascades SA and Reno De Medici S.p.A. has been
approved by the competition authorities in Germany and Italy.
The parties expect to be able to sign the definitive agreements necessary
to complete the merger by the end of February.
The combination offers a unique portfolio of production assets for all of
Europe, presenting a combined annual capacity of more that 1,100 kT.
"This merger results in an operationally and financially stronger company
that will be better able to respond to the demands of global customers and
shareholders", commented Mr. Alain Lemaire, President and Chief Executive
Officer of Cascades Inc.
About Cascades Inc and Cascades S.A.
Founded in 1964, Cascades produces, transforms and markets packaging and
tissue products composed mainly of recycled fibres. Cascades employs nearly
14 000 men and women who work in some 100 modern and flexible production units
located in North America and in Europe. Cascades' management philosophy, its
more than 40 years of experience in recycling, its continued efforts in
research and development are strengths which enable the company to create
innovative products for its clients. The Cascades shares trade on the Toronto
stock exchange under the ticker symbol CAS.
Cascades S.A. is a European division of Cascades Inc. It includes
primarily 4 virgin and recycled manufacturing boxboard mills in France,
Germany and Sweden, a sheeting operation in England and an overall active
sales structure in Europe.
About Reno De Medici SpA
Reno De Medici produces, transforms and markets cartonboard. Reno De
Medici employs more than 1,100 employees and conducts its activities through
subsidiaries based in Italy, France, Spain and Germany. Reno De Medici is
listed on the Milan and Madrid stock exchanges.
Certain statements in this release, including statements regarding future
results and performance, are forward-looking statements (as such term is
defined under the Private Securities Litigation Reform Act of 1995) based on
current expectations. The accuracy of such statements is subject to a number
of risks, uncertainties and assumptions that may cause actual results to
differ materially from those projected, including, but not limited to, the
effect of general economic conditions, decreases in demand for the Company's
products, increases in raw material costs, fluctuations in selling prices and
adverse changes in general market and industry conditions and other factors
listed in the Company's Securities and Exchange Commission filings.
For further information:
For further information: Media: Mr. Hubert Bolduc, Vice-President,
Communications and Public Affairs, Cascades Inc., (819) 363-5164; Investors:
Mr. Marc Jasmin Director, Investor Relations, Cascades Inc., (514) 282-2681