Cascades Finalizes Acquisition of Papersource
Nov. 1, 2011 - Cascades Inc. said that it has finalized the acquisition of 50% of the shares that it does not hold in its affiliated company Papersource Converting Mill Corp (Papersource), located in Granby, Quebec, Canada.
The amount of the transaction is approximately $60 million.
"The acquisition of the remaining shares of Papersource is another important step in our action plan to modernize our operations," said Suzanne Blanchet, President and Chief Executive Officer of Cascades Tissue Group."This plant is at the cutting edge of technology and it will enable us to effectively optimize our production in the Northeastern United States, in Québec and in Ontario. We anticipate that it will have a positive effect on our profitability.
"Moreover, I am confident that the arrival of the founder of Papersource, Benoit Laferriere, will be most beneficial for the development of our organization," Blanchet added.
Papersource is a tissue paper converting plant that manufactures products for the away-from-home market. It employs more than 160 employees. The quality of the equipment in the plant will make it a model plant within the Tissue Group.
SOURCE: Cascades Inc.