Cascades Consolidates Results of Greenpac Mill, Increases Stake in the Company

Cascades Inc., Kingsey Falls, Que., Canada, this week announced that results from the Greenpac Mill LLC 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, which became effective April 4, did not involve any financial consideration and will be reflected in the company' financial results beginning in the second quarter of 2017. 

Cascades separately announced that it also has increased its ownership stake in Greenpac from 59.7% to 62.5% 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., USA, the state-of-the-art Greenpac plant began operating in July 2013, and is considered to be among the most advanced in the industry in North America. Greenpac produces lightweight linerboard made with 100% recycled fibers on a machine that is 328 in. (8.33 meters) wide, with an annual production capacity of 540,000 short tons. 

Founded in 1964, Cascades produces, converts, and markets packaging and tissue products that are composed mainly of recycled fibers. The company has 11,000 employees who work in close to 90 production units located in North America and Europe.