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Cascades is acquiring four containerboard packaging plants in Ontario from the Coyle family, adding about 500 million square feet of annual capacity. The total cost of the transaction, including its Greenpac and Tencorr stakes, is C$49 million.
Cascades increased its holding in Greenpac Mill from 62.5% to 66.1% by acquiring an additional interest in Containerboard Partners. It also bought the Coyle family's 33% stake in Tencorr Holdings, a sheet stock maker for box producers, for a combined cost of about $21 million.
Greenpac Mill and Diamond Packaging have partnered with Covanta's Niagara Falls, New York waste-to-energy facility, which burns their nonrecyclable waste to produce steam piped back to the Greenpac linerboard mill.
