Cascades Finalizes Sale of New York Packaging Plant
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Cascades Inc., Kingsey Falls, Que., Canada,, a leader in the recovery and manufacturing of green packaging and tissue products, this week announced that it has completed the sale of the building and land of its Maspeth plant, located in the state of New York, USA, for $72 million.
The company accepted an offer from a private buyer and will continue to use the facility until Dec. 31, 2018, the date the plant is scheduled to close.
In last August 2017, as part of the modernization and optimization of its operations in the Northeastern U.S., Cascades announced that it had decided to shut down the Maspeth packaging plant due to the physical limitations of the site. The volumes will be progressively redeployed to other Cascades units over the course of the year. Charles Malo, president and COO of Cascades Containerboard Packaging, noted that "the reorganization of our activities in the region will be done gradually to ensure a smooth transition for our customers, thus continuing to reinforce our commitment and ability to act as a preferred partner in their ongoing development."
Founded in 1964, Cascades produces, converts and markets packaging and tissue products that are composed mainly of recycled fibers. Cascades employs 11,000 women and men, who work in more than 90 production units across North America and Europe.
