Cascades closing two tissue paper machines in Ontario, reports Q4 loss
The company says the leases for the operations in Whitby and Scarborough will not be renewed when they expire in August
KINGSEY FALLS, Que. – Cascades Inc. is closing two tissue paper machines in Ontario.
The company says the leases for the operations in Whitby and Scarborough expire on Aug. 27 and will not be renewed.
The two sites employ a total of 68 workers and produce 44,000 tonnes of tissue paper annually.
The company says it will try to relocate as many of its employees as possible to its other operations in the region.
The announcement came as Cascades reported a fourth-quarter loss of $65 million or 69 cents per share compared with a profit of $57 million or 60 cents per share a year earlier.
Sales for the quarter ended Dec. 31 totalled nearly $1.2 billion, up from $1.08 billion in the last three months of 2017.