Cascades Inc. has reached an agreement for the sale of its paper merchant division, Cascades Resources, a Division of Cascades Fine Papers Group Inc., to Coast Paper Ltd., a subsidiary of PaperlinX Ltd., for about $CA85 million. Cascades expects to complete this transaction by year end subject to regulatory approval and other normal closing conditions.
Alain Lemaire, Cascades’ president and CEO, said, "The sale of Cascades Resources represents another important step towards our stated goal of concentrating our activities in our two core areas of packaging and tissue. We are particularly pleased to have been able to reach an agreement with PaperlinX, an internationally recognized leader in the distribution of fine paper and graphic arts, as Cascades Resources will continue to be an important customer of our fine paper mills within the broader PaperlinX family."
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