Cascades Now Owns 57.6% of Reno De Medici Shares
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Cascades Inc., Kingsey Falls, Que., Canada, a producer of "green" packaging and tissue paper products, this week announced that it now owns 217,474,385 common shares of Reno De Medici S.p.A. (Reno), or 57.6% of its outstanding common shares. The Reno De Medici Group is the leading Italian and second-ranked European producer of cartonboard based on recycled materials. It operates several mills in Italy, Spain, France, and Germany.
"With the purchase of these shares, we concluded the put-and-call option agreement entered into with Industria e Innovazione S.p.A. in 2010. We are pleased with the progress we made together since the merger of our European recycled boxboard operations in 2008," Mario Plourde, president and CEO of Cascades, said.
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