KINGSEY FALLS, QC, Jan. 8 /CNW Telbec/ - Cascades (CAS-TSX) announces the
sale of its Greenfield S.A.S. French deinking mill to Argowiggins, a
subsidiary of Sequana Capital. As previously announced, discussions were
initiated with Argowiggins in December 2007, the sale of which was subject to
certain conditions, including the approval of the competent regulatory bodies.
Since these conditions were met, the transaction between both parties was
concluded on January 7.
Commenting on the transaction, Mr. Alain Lemaire, President and Chief
Executive Officer of Cascades, stated "There were few opportunities for
Greenfield to integrate its production line with that of our other European
mills. The sale of this mill is thus in keeping with one of our strategic
objectives and will enable Cascades to concentrate its efforts on the key
components of its business model."
Founded in 1964, Cascades produces, transforms and markets packaging and
tissue products composed mainly of recycled fibres. Cascades employs close to
14 000 employees who work in more than 100 modern and flexible production
units located in North -America and 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 new
products for its customers. The Cascades shares trade on the Toronto stock
exchange under the ticker symbol CAS.
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, (514) 912-3790; Investors: Mr. Marc Jasmin,
C.M.A., Director, Investor Relations, (514) 282-2681; Source: Mr. Alain
Lemaire, President and Chief Executive Officer, Cascades Inc.