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Cascades sells Maspeth plant in New York, US

Cascades has completed the sale of the building and land of its Maspeth plant in the state of New York, US, for $72m.

The Company accepted an offer from a private buyer and 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. Charles Malo, President and Chief Operating Officer of Cascades Containerboard Packaging, noted "The reorganization of our activities in the region will be done gradually to ensure a smooth transition for our customers, thus continuing to reinforce our commitment and ability to act as a preferred partner in their ongoing development."