Transcontinental Inc. announced today it is divesting of its assets in the province of Saskatchewan. The transaction includes the sale of its 13 local newspapers and associated web properties, as well as some commercial printing equipment and related book of business in Saskatchewan, to Star News Publishing Inc., a local newspaper publisher and printer with interests in Saskatchewan and Alberta. The sale of the local newspapers is effective immediately, while the printing plant, located at 838 – 56th Street East in Saskatoon, will remain in operation for a transition period, after which it will close. "Given challenging market conditions and limited synergies with the rest of our assets, primarily in Quebec and Eastern Canada, we have made the decision to divest of our newspaper publications, located throughout Saskatchewan, and today are announcing the sale of these publications to Star News Publishing Inc.," said Julia Kamula, Senior Vice-President, TC Media Local Solutions. "From a geographic perspective, the reality of operating a small number of newspapers in Western Canada was simply not efficient for TC Media. The new owner's portfolio of assets is much more aligned with these publications, better enabling their growth and continued evolution. This transaction is a very positive development for both our employees and these operations moving forward."
The sudden closure on Monday night of The MATLET Group’s Packaging Graphics printing and thermoforming facility in Pawtucket, R.I., appears to mark what may be the final chapter for the primarily sheetfed offset manufacturer of blister cards, folding cartons and other types of consumer packaging; menu printing; and fulfillment services.
Local station WLNE TV/ABC6 reported that some of the 100 workers employed at the 300,000-sq.-ft. plant showed up at work Tuesday morning, only to find police barring them from being able to enter the property. The employees told the television station that they had no advance warning that MATLET Group’s headquarters facility would be shut down.
One employee also played an automated message from MATLET Group CEO Gary Stiffler that was reportedly sent to employees at some point the day before. The recorded message said: “We’ve been seeking refinancing options of our debt and we are working with our current lender. Unfortunately, we have been recently notified that we’ve lost another significant piece of business. It is with great regret that I must inform you that we are closing the plant and the company, today, October 8th.”
This latest chapter follows what has been a gradual decline for The MATLET Group, which employed about 400 employees just two years ago and claimed to be the largest minority-owned commercial printing company in the U.S. It was also a Corporate Plus member of the National Minority Supplier Development Council.
more at source: https://www.piworld.com/article/matlet-group-suddenly-closes-rhode-island-plant/