Cascades to close New York City plant, property put up for sale for US$72M

KINGSEY FALLS, Que. – Cascades Inc. (TSX:CAS) announced plans Wednesday to close its packaging plant in New York City by the end of next year, a move that will lead to the layoffs of 148 people.

The Quebec-based company says the facility has “reached its physical limits” and it made the decision as part of its modernization and optimization efforts in the northeastern United States.

The property has been put up for sale for US$72 million.

Cascades, which produces, converts and sells packaging and tissue products, employs 11,000 people in North America and Europe.