KINGSEY FALLS, Quebec -- Cascades Inc. has 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 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," stated Cascades' President and Chief Executive Officer, Mario Plourde.
The consolidation, which is effective as of 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 is pleased to separately announce that it has also 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, New York, the state-of-the-art Greenpac plant began operating in July 2013, and is considered to be amongst the most advanced in the industry in North America. 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.