Canadian-based paper company now owns 57.6 percent of Italian board manufacturer.
Cascades Inc., based in Kingsey Falls, Quebec, has reported that it has acquired enough shares in the Italian paperboard firm Reno De Medici that it now owns 57.6 percent of the company.
"With the purchase of these shares, we concluded the put and call option agreement entered into with Industria e Innovazione S.p.A. in 2010. Reno is a leader in the recycled boxboard market in Italy, ranked second in Europe. We are pleased with the progress we made together since the merger of our European recycled boxboard operations in 2008," says Mario Plourde, Cascade’s president and CEO.