Cascades Inc. (TSX: CAS), a Canadian leader in the recovery and manufacturing of green packaging and paper tissue products, plan to invest $275 million to establish a lightweight recycled containerboard operation in the former Bear Island Paper Mill in Hanover County. The project will create 140 new jobs.
Founded in 1964 and headquartered in Kingsey Falls, Canada, Cascades produces, converts, and markets packaging and tissue products composed mainly of recycled fibers. The company has 11,000 employees in more than 90 manufacturing locations in North America and Europe. Cascades’ dedication to recycling and research and development serves as a driving force for the company to deliver innovative, sustainable green products. Cascades’ shares trade on the Toronto Stock Exchange.
The Virginia Economic Development Partnership worked with Hanover County, The Port of Virginia, the Greater Richmond Partnership, and the General Assembly’s Major Employment and Investment (MEI) Project Approval Commission to secure the project for Virginia. Governor Northam approved a $1.95 million grant from the Commonwealth’s Opportunity Fund to assist Hanover County with the project. The company is eligible to receive Sales and Use tax exemptions on manufacturing equipment, and funding and services to support the company’s employee training activities will be provided through the Virginia Jobs Investment Program.