Cascades Completes Sale of Dopaco to Reynolds Group for $400 Million
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Cascades Inc., Kingsey Falls, Que., Canada, this week completed the sale of Dopaco Inc., its paper cup and carton converting business for the quick-service restaurant and foodservice industries, to Reynolds Group Holdings for a cash consideration of $400 million. Net proceeds from the transaction should amount to approximately $337 million and will mainly be used to pay down Cascades' debt. In connection with the transaction, Cascades will continue to supply boxboard to Dopaco, through a five year non-exclusive supply agreement.
Dopaco operates six plants (two in Ontario and four in the U.S.) and converts some 165,000 metric tons of boxboard a year.
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