Cascades has confirmed it will carry out plans to close PM5 at its Thunder Bay, ON mill. The shutdown will put 150 …
Cascades has confirmed it will carry out plans to close PM5 at its Thunder Bay, ON mill. The shutdown will put 150 people out of work by the end of the year. In order to minimize the effects of the closure, some converting activities and the manufacture of certain paper grades will be transferred to other operations under the Cascades Fine Papers Group umbrella.
The company explained that despite efforts to improve profitability, the plant has racked up major financial losses.
"The measures that we are announcing today are unavoidable," said Gino Lvesque, vice president of operations at Cascades Fine Papers Group. "We know how much this decision will affect our employeeshowever, these measures will enable Cascades to restructure its Thunder Bay operations, to improve mill economics by more than $10 million annually and to enhance the future of the remaining 375 employees," he added.
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