Cascades closing two plants in Ontario, one in Connecticut, 310 jobs affected

A Cascades plant is seen in Laval, Que. on Wednesday, November 25, 2020. Cascades says it is restructuring its tissue business, changes that will affect 300 employees in the United States. (THE CANADIAN PRESS/Paul Chiasson)

Cascades Inc. is closing three plants as part of changes to its containerboard operations that will affect 310 employees.

The paper and packaging company says its corrugated medium mill in Trenton, Ont., that is currently idled will not restart operations, while converting plants in Belleville, Ont., and Newtown, Conn., will close by May 31.

It says it decided to close the facilities due to a combination of market conditions, higher operating costs, aging technology and the need for significant capital investment.

Cascades will work with the impacted employees to mitigate, where possible, the effect of the closures.

Employees who cannot or do not wish to relocate to other plants will receive support in their search for other employment, the company says.

Cascades will record $61 million in impairment and environmental obligation charges associated with the closures in the fourth quarter of its 2023 financial results as well as about $35 million in additional restructuring charges in the coming years.

This report by The Canadian Press was first published Feb. 13, 2024.

 

BlackBerry says more job cuts coming this quarter as part of ongoing separation

BlackBerry Ltd. says it's taking action to streamline costs, including cutting jobs, as part of the ongoing process to separate two of its business divisions.

The Waterloo, Ont.-based technology company says last quarter it cut around 200 jobs as part of efforts to slash costs.

This quarter, the company says it anticipates further job losses within its cybersecurity business, which it expects to generate annualized savings of around US$27 million.

It's also taking other steps to save money, including exiting six of its 36 global office locations. 

The company says it expects to return to positive cash flow by the fourth quarter of its 2025 financial year.

BlackBerry reported a loss of US$21 million in its third quarter ended Nov. 30. 

This report by The Canadian Press was first published Feb. 12, 2024.