Cascades finalizes sale of New York plant
Cascades Inc. today announced it has completed the sale of the building and land of its Maspeth plant, in New York state for US$72 million.
“The reorganization of our activities in the region will be done gradually to ensure a smooth transition for our customers,” said Charles Malo, President and COO of Cascades Containerboard Packaging, “thus continuing to reinforce our commitment and ability to act as a preferred partner in their ongoing development.”
The company accepted an offer from a private buyer, and stated that it will continue to use the facility until December 31, 2018, the date the plant is scheduled to close.
Last August, as part of the modernization and optimization of its operations in the Northeastern U.S., Cascades announced that it had decided to shut down the Maspeth packaging plant due to the physical limitations of the site. The volumes will be progressively redeployed to other Cascades units over the course of the year.