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Cascades To Cease Operations At Mills In Ontario, Connecticut
Kingsey Falls, Quebec based Cascades announced an “operational realignment and optimization” of its Contain- erboard Packaging platform. The currently idled Trenton (Ontario) corrugated medium mill will not restart oper- ations, while the Belleville (Ontario) and Newtown (Con- necticut) converting plants will be permanently closed, in a progressive manner, by May 31, the company said. Following recent strategic investments in the Bear Island mill and its converting network, production from these facilities will be moved to other units with available capacity and more modern equipment. The annual production capacity of the equipment to be shut down is 175,000 short tons of corrugated medium and 500 million square feet of corrugated packaging. Cas- cades says it is committed to maximizing the performance of its assets, and the combination of the current market environment, higher operating costs, aging technology and the need for significant capital investment were the determining factors in the decision to cease operations at the facilities. The company will record $61 million of impairment and environmental obligation charges associated with these closures in its fourth quarter 2023 financial results and will incur approximately $35 million of additional restructuring charges in the coming years. “I would like to assure our customers that we will work with them to ensure a smooth transition,” said Charles Malo, President and Chief Operating Officer of Cascades Containerboard Packaging. “I would also like to sincerely thank the Cascaders affected by this announcement. We will stand by them through this process, and we will assist in the relocation of those employees wishing to continue working for Cascades at one of our other locations.” Board Converting News® is published weekly by NV Business Publications, PO Box 802, Manasquan, NJ 08736-0802. Sub- scription Rates in U.S. and Canada: $275 per year or $395 for two years. Overseas rate USD $395 per year. No part of this pub- lication may be reproduced without written permission. Len Prazych - President/Publisher: lprazych@nvpublications.com Robyn Smith - Vice President Sales: rsmith@nvpublications.com Susan Riley - Associate Editor: sriley@nvpublications.com Greg Kishbaugh - FMN Editor/Sales: flexo@nvpublications.com
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February 19, 2024
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