Iowa plant part of Transcontinental's Coveris purchase

TC Transcontinental has signed a deal to sell its paper and woven polypropylene packaging operations to Hood Packaging Corp. for about $239 million.Under the deal, Hood Packaging will acquire paper packaging operations and buildings in Iowa, Pennsylvania and Georgia.The company will also acquire paper and woven polypropylene packaging operations in Spartanburg, S.C.,

Still Canada's largest printer

however Transcontinental will keep the building and continue operating at the location, which also manufactures plastic flexible packaging.About 415 employees are expected to transfer to Hood Packaging once the deal closes.The deal is  expected to close in the first quarter of its 2020 .The company says it plans to use the net proceeds from the sale to reduce debt and pursue acquisitions