UPDATE: Cascades Up 1% as Invests in New York State Project
Cascades Inc. (CAS.TO), involved in the recovery of recyclable materials and the production of green packaging and tissue paper products, announced that its Norampac division will invest in Greenpac Mill LLC, a corporation created with the Caisse de dépôt et placement du Québec, Jamestown Container and one other industry partner, for the purpose of constructing and operating a state of the art containerboard mill to be located in New York State.
Cascades is up 1% at $6.16 on the news.
It said: "The Greenpac mill will be constructed for a total cost of US$430 million on property located adjacent to an existing Norampac facility in Niagara Falls, NY. Greenpac will manufacture a light weight linerboard, made with 100% recycled fibres, on a single machine having a width of 328 inches (8.33 meters) with an annual production capacity of 540,000 short tons. This machine will be one of the largest of its kind in North America."
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