KINGSEY FALLS, QC, Jan. 31, 2018 /CNW Telbec/ - Cascades Inc. (TSX: CAS), a leader in the recovery and manufacturing of green packaging and tissue products, announced that it has completed the sale of the building and land of its Maspeth plant, located in the state of New York, for US$72 million.
The Company accepted an offer from a private buyer and will continue to use the facility until December 31, 2018, the date the plant is scheduled to close.
Last August, as part of the modernization and optimization of its operations in the Northeastern U.S., Cascades announced that it had decided to shut down the Maspeth packaging plant due to the physical limitations of the site. The volumes will be progressively redeployed to other Cascades units over the course of the year. Charles Malo, President and Chief Operating Officer of Cascades Containerboard Packaging, noted "The reorganization of our activities in the region will be done gradually to ensure a smooth transition for our customers, thus continuing to reinforce our commitment and ability to act as a preferred partner in their ongoing development."
Founded in 1964, Cascades produces, converts and markets packaging and tissue products that are composed mainly of recycled fibres. Cascades employs 11,000 women and men, who work in more than 90 production units across North America and Europe. With its management philosophy, half a century of experience in recycling, and continuous efforts in research and development as driving forces, Cascades continues to deliver the innovative products that customers have come to rely on. Cascades' shares trade on the Toronto Stock Exchange under the ticker symbol CAS.
Green by Nature blog: blog.cascades.com
Twitter: twitter.com/CascadesDD | twitter.com/CascadesSD | twitter.com/CascadesInvest
SOURCE Cascades Inc.
For further information: Media: Hugo D'Amours, Vice-President, Communications and Public Affairs, Cascades Inc., 819-363-5164, [email protected]; Investors: Jennifer Aitken, MBA, Director, Investor Relations, Cascades Inc., 514-282-2697, [email protected]