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Cascades acquires stake in Italian recycled boxboard producer

Green packaging manufacturer Cascades has acquired 9% stake in Italian recycled boxboard producer Reno De Medici from Industria e Innovazione.

The Canadian firm now owns 217,474,385 common shares of Reno De Medici or 57.6% of the outstanding common shares.

Cascades president and chief executive officer Mario Plourde said the company concluded the put and call option agreement entered into with Industria e Innovazione in 2010, with the purchase of the shares.

"We are pleased with the progress we made together since the merger of our European recycled boxboard operations in 2008," Plourde said.

Cascades produces, converts and markets packaging and tissue products that are composed mainly of recycled fibers.