Cascades Inc. announces that it has reached an agreement to sell its Flexible Packaging plant activities to Five Star Holding based in Houston, Texas. The C$31 million transaction is effective immediately. Cascades' will retain ownership of the site real estate.
Located in Mississauga, Ontario, Flexible Packaging is Cascades' only plant that manufactures printed flexible plastic packaging and films.
The Flexible Packaging operations employs 45 people, all of which will be retained by Five Star at closing. Cascades will work closely with Five Star to ensure a smooth ownership transition for employees, customers, and suppliers. The transaction includes a supply agreement between the two parties to ensure the continued production and supply of the flexible film that is used by Cascades' Tissue and Packaging sectors.
Founded in 1964, Cascades offers sustainable, innovative and value-added packaging, hygiene and recovery solutions.
