Cascades Inc. has announces today that its Norampac Containerboard Group has completed the sale of its Red Rock linerboard mill in North West Ontario. The mill was shut down indefinitely last October. The company cited unfavorable economic factors as the reason for the closure.
As part of the deal Norampac agreed to pay the purchaser, North American Logistic Services Inc., 10 million dollars, in order to encourage the start-up of a new line of production at the facility.
Cascades also announced that the shareholders of Reno De Medici S.p.A. have approved its merger with Cascades S.A.’s recycled boxboard business. The deal is expected to be complete by the beginning of January.
The planned combination will offer a unique portfolio of production assets for all of Europe, presenting a combined annual capacity of more that 1.1 million metric tons.
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