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Cascades Announces Acquisition of the Bear Island, Virginia Newsprint Mill and Plans to Convert Facility to Recycled Containerboard Production
Cascades Announces Acquisition of the Bear Island, Virginia Newsprint Mill and Plans to Co...
About this update from Cascades Inc.
[{"type":"text","content":"\n\n\n\nCascades Announces Acquisition of the Bear Island, Virginia Newsprint Mill and Plans to Convert Facility to Recycled Containerboard Production\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nBORDER-TOP:black 1pt solid; BORDER-RIGHT:black 1pt solid; VERTICAL-ALIGN: TOP; BORDER-BOTTOM:black 1pt solid; TEXT-ALIGN: LEFT; PADDING-LEFT:0.50em; BORDER-LEFT:black 1pt solid; PADDING-RIGHT:0.50em\n}\n.prntbls{\nBORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: black 1px solid; BORDER-LEFT: black 1px solid\n}\n\n\n\n\n\n\n\nCanada NewsWire\nKINGSEY FALLS, QC, July 26, 2018\n\n\n\nKINGSEY FALLS, QC, July 26, 2018 /CNW Telbec/ - Cascades Inc. (TSX: CAS), a leader in the recovery and manufacture of green packaging and tissue products, announces the acquisition of the White Birch, Bear Island manufacturing facility in Virginia, for a cash consideration of US$34.2 million. The newsprint paper machine presently located on the site will be reconfigured to produce high quality recycled lightweight linerboard and medium for the North American market. During the period prior to the conversion, White Birch will temporarily operate the site as a newsprint mill, under a 27-month lease.\n\nThe new machine is expected to have an annual production capacity of 400,000 tons and construction costs on a per ton basis that are competitive with similar conversion projects. As presently contemplated, the conversion would require an estimated investment of between US$275 and US$300 million, with production expected to begin in 2021. Details of the project will be announced when plans are finalized and approved by the Board of Directors, which is expected in the course of 2019. \n\nCommenting on the project, Mr. Mario Plourde, CEO of Cascades, stated: \"This project is directly in line with the goals of our strategic plan which include, among other things, investing in our core sectors of packaging and tissue through modernization, and expanding our geographical footprint. In addition to the paper machine that is particularly well suited for c...