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3 April 2018
Transcontinental spends $1.32 billion on Coveris Packaging
MONTREAL—
In a blockbuster deal Transcontinental Inc. has a agreement to acquire Coveris Americas for $1.32 billion US . Coveris Americas is one of the top ten converters of flexible packaging in North America . Headquartered in Chicago, Coveris Americas manufactures flexible plastic , paper products and labels. Coveris Americas operates 21 production facilities in the Americas, United Kingdom and Australasia. Coveris Americas has over 3,100 employees with sales of US$966 million .
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Packaging becomes largest division of Transcontinental
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Whitby Ontario plant
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Transcontinental has been selling of newspapers, magazines and printing assets for the last several years and buying packaging companies . The packaging division will now make up 48% of Transcontinental total sales of $3.3 billion and will become the seventh largest flexible packaging company in North America. Transcontinental share price also gained about 8% since the announcement.
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