UPDATE: Cascades Down Nearly 2% as Closes its Burnaby Containerboard Mill
Cascades Inc. (CAS.TO), involved in the recovery of recyclable materials and the manufacturing of green packaging and tissue paper products, was down nearly 2% and moving closer to a year low $4.21 after announcing that its Norampac division will close its containerboard mill located in Burnaby (British Colombia).
The Burnaby mill has an annual capacity of 128,000 short tons and specializes in the production of 100% recycled linerboard, medium and gypsum. Nearly 100 employees will be affected by the closure, which will be effective on December 1, 2011 at the latest. The mill's production will be redirected progressively towards other Norampac facilities.
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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