Cascades Inc. of Kingsey Falls, Quebec, reached an agreement to sell its Norampac Avot-Vallée mill to a private-equity firm called OpenGate Capital. The company expects the transaction to be completed on March 1, 2011.
Located in the north of France, Norampac Avot-Vallée specializes in the manufacturing of linerboard (white Testliner) made from 100 percent recycled fibres. It produces more than 145,000 tons annually and has approximately 160 employees.
“This transaction is part of our strategy to simplify our portfolio of assets, reduce our debt and concentrate on developing and improving the competitiveness of our key operations in packaging, tissue papers and recovery,” said Alain Lemaire, Cascades’ President and CEO. “Therefore, I wish to thank all the employees for their involvement and efforts over the last 20 years.”