KINGSEY FALLS, QC, Jan. 7 /CNW Telbec/ - Cascades (CAS-TSX) is announcing
the sale of its coated fine papers manufacturing plant located in Thunder Bay,
in Northern Ontario. Cascades will contribute $4.5 million to the purchaser,
Thunder Bay Fine Papers Inc., in order to support the start-up of the plant.
In commenting on this transaction, Mr. Mario Plourde, President and Chief
Operating Officer of Cascades Specialty Products Group, stated: "Cascades is
pleased to announce this transaction which will allow us to participate in the
creation of new jobs in the community while limiting the costs associated with
maintaining the mill".
The Thunder Bay plant ceased operations in January 2006 because of
unfavourable economic conditions.
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. Mario
Plourde, President and Chief Operating Officer, Cascades Specialty Products