Wednesday, July 29th27.2°C
27107

Cascades sells three Quebec plants, fine papers business for $39.5M

KINGSEY FALLS, Que. - Packaging company Cascades (TSX:CAS) has sold its fine papers division to Rolland Enterprises Inc., a subsidiary of H.I.G. Capital, for $39.5 million.

Cascades said the sale includes its fine papers and security papers plant and its CTC Converting Centre, a fine papers processing and distribution plant, in Saint-Jerome, Que.

The agreement also includes the Fibres Breakey pulp mill in Sainte-Helene-de-Breakeyville, Que.

The three plants employ 425 workers.

Cascades said the decision to sell the plants will help the company reduce its debt.

"Despite the positive contribution of these units to Cascades' results, we have adopted a strategic orientation emphasizing growth in the packaging, tissue papers and recovery sectors," said Cascades president and CEO Mario Plourde in a statement Tuesday.

The Canadian Press


Read more Business News

26744


Recent Trending




Today's Market
S&P TSX14296.71+219.35
S&P CDNX584.40-2.56
DJIA17758.98+128.71
Nasdaq5111.73+22.53
S&P 5002108.49+15.24
CDN Dollar0.7725-0.0013
Gold1096.90+0.60
Oil49.12+0.71
Lumber252.00-4.10
Natural Gas2.882+0.061

 
Okanagan Companies
Pacific Safety0.18+0.01
Knighthawk0.010.00
QHR Technologies Inc1.34-0.03
Cantex0.05+0.00
Anavex Life Sciences0.781+0.001
Metalex Ventures0.05-0.01
Russel Metals19.30+0.95
Copper Mountain Mining0.82+0.00
Colorado Resources0.06+0.00
ReliaBrand Inc0.0045-0.0022
Sunrise Resources Ltd0.03+0.00
Mission Ready Services0.14-0.01
Decisive Dividend Corp2.50-0.08

 





FEATURED Property
2258021Development Land Assembly Opportunity
more details
image2
Click here to feature your property
Please wait... loading


Chasing ducks

Photo: Thinkstock.comWhen businessmen tell me that being low priced is the only way to stay in business, I am skeptical. Price is the simplest way for a consumer to compare and is overused as the basi...


Taking care of business

Photo: Thinkstock.comRetirement as a goal has changed a lot over the years. There was a time, it was the only goal. You’d punch the clock and count the years until you could stop punching that t...


Income from home equity

Photo: Thinkstock.comWhen retirement funds run low, seniors often ask if tapping into the equity in their home is the right way to retain financial independence. To see if this option might be a good ...

_



26509




Member of BC Press Council


26706