Cascades Inc. is closing three vegetation as a part of adjustments to its containerboard operations that may have an effect on 310 staff.
The paper and packaging firm says its corrugated medium mill in Trenton, Ont., that’s presently idled is not going to restart operations, whereas changing vegetation in Belleville, Ont., and Newtown, Conn., will shut by May 31.
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It says it determined to shut the services as a result of a mix of market situations, larger working prices, ageing know-how and the necessity for vital capital funding.
Cascades will work with the impacted staff to mitigate, the place doable, the impact of the closures.
Employees who can’t or don’t want to relocate to different vegetation will obtain help of their seek for different employment, the corporate says.
Cascades will file $61 million in impairment and environmental obligation expenses related to the closures within the fourth quarter of its 2023 monetary outcomes in addition to about $35 million in extra restructuring expenses within the coming years.
© 2024 The Canadian Press
