Cascades increased its ownership stake in Greenpac Mill LLC (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.
Greenpac manufactures lightweight linerboard made with 100% recycled fibres on a machine that is 328 inches (8.33 metres) wide with an annual production capacity of 540,000 short tons. Greenpac Mill is a company created in partnership with the Caisse de dépôt et de placement du Québec, Jamestown Container and Containerboard Partners. Built and operated by Norampac, a division of Cascades, the Greenpac Mill has 135 employees. Since the mill’s start-up in July 2013 , it is considered to be amongst the most advanced in the industry in North America.
Mario Plourde, Cascades’ President and CEO, commented:
“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.”
Earlier Cascades received approval to begin a normal course issuer bid from TSX in Canada.
The company is a North American leader in the recovery, manufacturing and converting of green packaging and tissue paper products. The products are composed mainly of recycled fibres. Cascades employs almost 11,000 people at more than 90 production units in North America and Europe.