Cascades purchases 20.2% interest CDPQ has in Greenpac mill
Expected purchase price is US$93 million with the transaction closing Jan. 3, 2020.
KINGSEY FALLS, Que. — Cascades Inc. is exercising its option to purchase the Caisse de dépôt et placement du Québec (CDPQ) interest in a Niagara Falls, NY lightweight containerboard mill.
CDPQ owns a 20.2% interest in Greenpac.
The expected purchase price is US$93 million with the transaction closing Jan. 3, 2020.
Cascades owns a 66.1% interest in Greenpac, a joint venture created in partnership with CDPQ, Jamestown Container Companies and Containerboard Partners.
Considered to be amongst the most advanced mills in the North American industry, Greenpac manufactures a lightweight linerboard, made with 100% recycled fibres, on a machine with an annual production capacity of 540,000 short tons.
The mill employs 152 people.
Cascades, based in Kinsey Falls, Que., makes sustainable paper products. The company employs 11,000 people in more than 90 production units in North America and Europe.