Cascades Acquires Rittman’s Assets from Caraustar
Founded in 1964, Cascades produces, transforms and markets packaging products, tissue paper and fine papers, composed mainly of recycled fibres.
11/08/06 Cascades Inc. announces the acquisition of certain assets of the Rittman (Ohio) coated recycled board mill from Caraustar Industries, Inc. for an amount of 0.5 million US$, through exercise of the option it acquired on April 21, 2006, when it announced the purchase of the Sprague (Connecticut) coated recycled board mill from Caraustar.
Commenting on the transaction, Eric Laflamme, President and Chief Operating Officer of Cascades Boxboard Group, North America, stated: "We are pleased to announce this transaction and we will spare no efforts to satisfy the needs of our new customers. We will service Rittman’s customers from our newly acquired and existing facilities, which will enable us to improve the capacity utilization rate and the profitability at these mills."
Founded in 1964, Cascades produces, transforms and markets packaging products, tissue paper and fine papers, composed mainly of recycled fibres. Cascades employs nearly 14 300 men and women who work in some 120 modern and flexible production units located in North America, in Europe and in Asia. Cascades' management philosophy, its more than 40 years of experience in recycling, its continued efforts in research and development are strengths which enable the company to create new products for its customers. The Cascades shares trade on the Toronto stock exchange under the ticker symbol CAS.
Certain statements in this release, including statements regarding future results and performance, are forward-looking statements (as such term is defined under the Private Securities Litigation Reform Act of 1995) based on current expectations. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not limited to, the effect of general economic conditions, decreases in demand for the Company’s products, increases in raw material costs, fluctuations in selling prices and adverse changes in general market and industry conditions and other factors listed in the Company’s Securities and Exchange Commission filings.
