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Cascades completes acquisition of Orchids Paper Products assets
Cascades completes acquisition of Orchids Paper Products assets Canada NewsWire ...
About this update from Cascades Inc.
[{"type":"text","content":"\n\n\n\nCascades completes acquisition of Orchids Paper Products assets\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\n\n\n\n\n\n\nCanada NewsWire\nKINGSEY FALLS, QC, Sept. 13, 2019\n\n\n\nKINGSEY FALLS, QC, Sept. 13, 2019 /CNW Telbec/ - Cascades (TSX: CAS), a leader in the recovery and manufacturing of packaging and tissue products, today completed the previously announced acquisition of Orchids Paper Products assets. As mentioned in the July 1st press release, Cascades made the acquisition for a cash consideration of US$207 million. The assets include the Barnwell, South Carolina and Pryor, Oklahoma operations, as well as certain other assets, including amended supply and other commercial arrangements with Fabrica de Papel San Francisco, S.A. de C.V. (\"Fabrica\"), based in Mexicali, Mexico, and certain of its affiliates. \nCascades President and CEO, Mario Plourde, commented: \"I am very pleased to welcome Pryor and Barnwell employees to the Cascades family. Without a doubt, this acquisition will accelerate the modernization of Cascades' U.S. tissue platform while strengthening the geographic and operational positioning of the Company's retail tissue segment. This transaction creates value for both our clients and for our shareholders with an expected annual EBITDA contribution of approximately US$45 million beginning in 2021.\"\nCascades Tissue Group President and COO Jean-David Tardif noted: \"Today's announcement highlights our commitment to increase our ability to serve our customers and position Cascades, in the tissue paper segment, with a view to long-term growth. Thanks to our strong order book, we can quickly take advantage of maximizing the utilization rate of the acquired facilities.\"\nOver the past five years, more than US$240 million has been invested in the plants' modern production and converting equipment and in establishing a strategic partnership with Fabrica. Orchids Paper's integrated plants have an estimated parent roll capacity of up to 114,000 tons and up to an estimated 114,500 tons of co...