Apr. 25, 2017 – Cascades has announced that results from the Greenpac mill will now be included with the company’s consolidated financial statements and operational results following changes to the mill’s shareholder agreement.
“The change to the shareholder agreement is the result of a collaborative effort involving Cascades and our Greenpac Mill partners, the Caisse de dépôt et placement du Québec, Jamestown Container and Containerboard Partners. The modification will enable Cascades to better reflect our presence in the North American containerboard market in our public disclosures,” said Cascades president and CEO Mario Plourde.
The consolidation, effective this month, did not involve any financial consideration and will be reflected in the company’s financial results beginning in the second quarter of 2017.
Cascades said it is pleased to separately announce that it has also increased its ownership stake in Greenpac from 59.7 per cent to 62.5 per cent, following an unrelated acquisition of a minority stake in Containerboard Partners, one of Greenpac’s shareholders, for an undisclosed amount.
Located in Niagara Falls, N.Y., the Greenpac plant began operating in July 2013, and is considered to be one of the most advanced in the North American industry. Greenpac manufactures lightweight linerboard made with 100 per cent recycled fibres on a machine that is 328-in. wide with an annual production capacity of 540,000 short tons.
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