TC Transcontinental Sells its Industrial Packaging Operations to Hood Packaging Corporation

MONTRÉAL, Oct. 28, 2024 (GLOBE NEWSWIRE) -- TC Transcontinental (TSX: TCL.A TCL.B) announces the sale of its industrial packaging operations to Hood Packaging Corporation for a price of US$95 million (about C$132 million¹) subject to working capital adjustments. These operations generated approximately US$50 million (about C$68 million²) in revenues during the last twelve months ended July 28, 2024. The Corporation anticipates using the net proceeds to continue reducing net debt in line with its business priorities. This will increase its flexibility in capital allocation, including targeted acquisitions in growth segments.

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