“We are not satisfied with this year’s financial performance,” Cascades CEO Alain Lemaire said of the company’s net…
“We are not satisfied with this year’s financial performance,” Cascades CEO Alain Lemaire said of the company’s net loss of $97 million for the fiscal year that ended on December 31, 2005. However, despite the negative result, Lemaire remained positive. “We feel that the company, with the solid support of its employees, showed good progression on the strategic initiatives identified in early 2004, including the divestiture of non-core distribution assets and an increased focus on the packaging and tissue segments.”
The company is preparing to sell or close roughly five of its plants as part of a review of ten of its money-losing facilities.
“We have to deal with these ten plants before the end of 2006,” Lemaire told the Canadian Press. “We don’t want to have assets in 2007 that are going to act as a drag on Cascades’ other assets.”
The recently posted financial figures marked a substantial drop from last year. For the same period in 2004, the company was in the black, with earnings of $23 million.
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