Cascades Selling Flexible Packaging Plant Activities for C$31 Million
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Cascades is selling its flexible-packaging plant operations in Ontario for 31 million Canadian dollars ($22.2 million), helping it reduce debt and focus on growth in what it considers strategic sectors.
The Mississauga plant's activities will be sold to Houston-based Five Star Holdings, and Cascades said it would retain ownership of the site's real estate.
The operation is Cascades' only plant that manufactures printed flexible plastic packaging and films. The operations employ 45 people, who Cascades said would be retained by Five Star.
Cascades said the transaction includes a supply agreement between the two companies to ensure the continued production and supply of the flexible film that is used by Cascades' tissue and packaging businesses.
Source: MarketWatch
