Oct 12 2011
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REFILE-UPDATE 1-Cascades to close Quebec plant
The Canadian packaging and paper products maker said 50
employees will be affected by the closing that is slated to be
completed by the end of the year. The Le Gardeur plant has
annual revenue of $8 million.”Demand in the Canadian corrugated industry has been
affected by unfavorable economic conditions for the past few
years. It is imperative that we make adjustments to take into
account this new reality,” Norampac Chief Executive Marc-André
Dépin said in a statement.Last month, Cascades said its Norampac division will sell an
underperforming containerboard mill in Burnaby, British Colombia
to counter rising labor and fibre costs.The company’s shares were trading up 3 percent C$4.29 on
Wednesday on Toronto Stock Exchange.
