Cascades Inc., a multinational paper company headquartered in Kingsey Falls, Quebec, has completed the previously announced sale of its Dopaco Inc. paper cup and carton converting business to Reynolds Group Holdings Ltd., Auckland, New Zealand, for $400 million. Reynolds is a manufacturer and supplier of consumer food and beverage packaging and storage products.
Net proceeds from the transaction should amount to about $337 million and will mainly be used to pay down Cascades' debt. In connection with the transaction, Cascades will continue to supply boxboard to Dopaco through a five year non-exclusive supply agreement.
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