Cascade Corporation Releases Information Regarding Operations in Australia

PORTLAND, Ore--February 15, 2011--Cascade Corporation announced today its facility in Brisbane, Australia was significantly damaged in the mid-January flooding in the Queensland, Australia region. The Company continues to assess the impact of the flooding on ongoing operations and is working with its insurance carriers and landlord to assess the amount of damage to equipment and inventory. Although Cascade expects to eventually recover from insurance proceeds a substantial portion of losses related to the flood, the resulting damage will require a fourth quarter write-off of between $5 to $7 million. Recovery of insurance proceeds is not expected until fiscal 2012. Australian operations account for about 5% of Cascade's global revenues.

Robert Warren, CEO and President of Cascade, noted, "This disaster is having a significant impact on the Brisbane area. I feel very fortunate that our employees were able to manage through the event and are safe. However, this will cause significant disruption of our operations in Australia. On the positive side, our global organization has allowed us to continue to meet our customers' needs while we restore our Australian facility to full operation."