Norampac, a division of Cascades Canada, has sold its Red Rock, Ontario mill to North American Logistics. The mill closed last October due to sluggish markets for its end products.
As part of the arrangement, Norampac has agreed to pay NALS $10 million to encourage the company to restart the line.
"We are pleased to contribute to the economic development of the region, by allowing the start-up of a new business, which should prove favorable for the local economy," said Marc-André Dépin, president and CEO.
The transaction is expected to be concluded by the end of October 2007.
Norampac owns seven board mill and 26 corrugated products plants in the United States, Canada and France. It is the largest containerboard producer in Canada, and seventh largest in North America.
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