Cascades announced that the American Bankruptcy Court approved the previously announced purchase of a tissue paper mill, two conversion sites and a paper machine from a bankrupt paper company. The mills were previously owned by American Tissue Inc., a paper manufacturer presently reorganizing under the U.S. Bankruptcy Code.
With a total combined annual production capacity of 110,000 short tons. The tissue paper manufacturing units are located in Mechanicville, N.Y., and St-Helens, Ore. The mills have a combined annual production capacity of 110,000 tons.
According to Suzanne Blanchet, president and CEO of the Cascades Tissue Group, "these are strategic acquisitions for our commercial and industrial sector that offers a diversified range of papers in the form of bathroom tissue, paper towels, napkins and facial tissue. Furthermore, this transaction will push Cascades from the 5th to the 4th position among North American tissue paper manufacturers."
The transaction is scheduled to close by the middle of this month.
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