Cascades now majority share owner of Reno De Medici
By Canadian Packaging StaffGeneral Cascades Inc. Green Packaging recycled boxboard recycled fibers Reno De Medici S.p.A.
Canadian firm now has large stake in Europe's second-largest recycled boxboard company.
Kingsey Falls, Québec—Cascades Inc., a leader in the recovery and manufacturing of green packaging and tissue paper products, now owns 217,474,385 (57.6 per cent) of the outstanding common shares of Reno De Medici S.p.A.
Says Cascades president and chief executive officer Mario Plourde: “With the purchase of these shares, we concluded the put and call option agreement entered into with Industria e Innovazione S.p.A. in 2010. Reno is a leader in the recycled boxboard market in Italy, ranked second in Europe. We are pleased with the progress we made together since the merger of our European recycled boxboard operations in 2008.”
Founded in 1964, Cascades produces, converts and markets packaging and tissue products that are composed mainly of recycled fibers. It employs over 12,000 employees across 100 business units in North America and Europe.