Highlights 2Q15 Reported EPS of $0.68 Adjusted EPS (non-GAAP) of $0.91 2Q15 Net sales declined approximately 6 percent to $1.52 billion. Net sales up approximately 4 percent on organic basis Repurchased 1.1 million shares for $62 million and paid $66 million in dividends in the first half of 2015 Updated FY15 Reported EPS guidance to $2.82 to $3.02, reflecting loss on sale and exit costs associated with a product line divestiture in 2Q No change to full year guidance for adjusted EPS growth of 5 to 11 percent
Cascades Inc. (TSX: CAS), a leader in the recovery and manufacturing of green packaging and tissue products, announces the definitive closure of its tissue paper machines located in Whitby and Scarborough (Progress Avenue) in Ontario .
The leases for these two plants expire on August 27, 2019 and will not be renewed. The end date of the production remains to be determined. In total, the sites produce 44,000 tonnes of tissue paper annually and employ 68 workers.
“Today, we are announcing the closure of two paper machines in Ontario . Their unprofitability and the current market conditions have convinced us that it is better to source externally to supply our needs. It is important to note that this decision will have no impact on our ability to serve our customers, “said Jean Jobin , President and Chief Operating Officer of Cascades Tissue Group.
Over the coming months, the company will try to relocate as many of its employees as possible to its other business units located in the region. Those employees who cannot or do not wish to be reassigned to the Company’s other factories will be accompanied in their efforts to find new employment.
Cascades sincerely thanks its employees for their loyalty, dedication and commitment to an orderly closure of the Whitby and Scarborough operations, and will work with them to minimize the impact of these closures.