Cascades to be Reclassified to a New Subindustry
Kingsey Falls, Quebec, Canada, 20 November 2007 -- /PRNewswire/ -- Cascades Inc. (TSX: CAS) announces that it will be reclassified by S&P/TSX and Morgan Stanley Capital International (MSCI) to the Paper Packaging subindustry after the close of market on 30 November 2007. More specifically, Cascades will be reclassified from the Paper & Forest Products industry to the Containers & Packaging industry, but will remain in the Materials Sector.
Commenting on the reclassification, Alain Lemaire, president and chief executive officer, stated:" As a result of the divestiture of our paper distribution activities, the closure of our coated fine paper operations, and the acquisition of Norampac and other packaging assets, Cascades' profile has changed dramatically over the last two years. This reclassification better recognizes the fact Cascades is not a forest company, but rather a manufacturer and converter of tissue and packaging products made with recycled fibers. This should assist the financial community in properly assessing the relative valuation of Cascades."
Founded in 1964, Cascades produces, transforms, and markets packaging and tissue products composed mainly of recycled fibers. Cascades employs close to 14,000 employees who work in more than 100 modern and flexible production units located in North America and Europe. Cascades' management philosophy, its more than 40 years of experience in recycling, its continued efforts in research, and development are strengths that enable the company to create new products for its customers. The Cascades shares trade on the Toronto stock exchange under the ticker symbol CAS.
Source: Cascades Inc.