Cascades has exited the Boxboard Europe segment after selling its 57.6% equity stake in RDM Group (Reno De Medici).
It said the move means it can now strengthening its North American packaging and tissue papers business operations.
The 57.6% equity stake sale was announced on 5 July 2021 and has been sold to a subsidiary of funds managed by subsidiaries of Apollo Global Management.
Mario Plourde, Cascades President and Chief Executive, said: “This transaction will create long-term value for the company and our shareholders.
“Strategically, exiting our Boxboard Europe segment is aligned with our plan to focus on strengthening the competitive positioning of our core North American packaging and tissue papers business operations.
“To this end, proceeds from the divestiture will not only support ongoing strategic modernisation initiatives and key projects but will also allow Cascades to strategically return capital to shareholders and proactively manage our debt profile.”