TC Transcontinental closes sale to Hood Packaging Corporation

TC Transcontinental (TSX: TCL.A TCL.B) is confirming today that it has completed the sale of its paper and woven polypropylene packaging operations to Hood Packaging Corporation, as announced in a press release on November 27, 2019. The closing of this transaction enables the Corporation to reduce its net indebtedness ratio to approximately 2.0x and gives it the flexibility needed to continue its transformation through targeted acquisitions.

Hood Packaging Corporation, a wholly owned subsidiary of Hood Companies, Inc., acquires the following paper packaging operations and buildings of TC Transcontinental: Transcontinental Sibley, Iowa; Transcontinental Hanford, California; Transcontinental Hazleton, Pennsylvania; and Transcontinental Tifton, Georgia. In addition, Hood Packaging Corporation acquires the paper and woven polypropylene packaging operations at the Transcontinental Spartanburg, South Carolina plant.

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