Cascades Finalizes Papersource Acquisition
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Cascades Inc., Kingsey Falls, Que., Canada, has finalized the acquisition of 50% of the shares that it does not hold in its affiliated company Papersource Converting Mill Corp. (Papersource), located in Granby, Que. The amount of the transaction is approximately $60 million.
Papersource is a tissue paper converting plant that manufactures products for the away-from-home market. It employs more than 160 employees. The quality of the equipment in the plant will make it a model plant within the Tissue Group, Cascades noted.
Commenting on the transaction, Suzanne Blanchet, president and CEO of Cascades Tissue Group said that "this plant is at the cutting edge of technology and it will enable us to effectively optimize our production in the northeastern U.S., in Québec, and in Ontario. We anticipate that it will have a positive effect on our profitability. Moreover, I am confident that the arrival of the founder of Papersource, Benoit Laferrière, will be most beneficial for the development of our organization."
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