"This decision was made to mitigate the negative impact of several factors such as the strength of the Canadian dollar, as well as very high labor and recycled fiber costs. In addition, the mill's profitability has been below our expectations for a few years and we could not pursue our operations under such conditions" said Marc-Andre Dépin, president and CEO of Norampac.
At the same time, Norampac's management also announced that it has reached an agreement with regard to the sale of its Burnaby property.
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