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transcontinental beefs up packaging business with $1.32 ...

by:Top-In     2020-07-27
(Reuters)-
Interstate Corporation (TCLa. TO)
Said it would buy America. S.
Packaging business Coveris Co. , Ltd. A. for $1. 32 billion (C$1. 70 billion)
With Canadian publishers looking to work with other top North American companies in the field of flexible packaging.
The deal is almost equal to $1 on the interstate.
By Thursday\'s close, the market value of 52 billion had raised its share price by 16%, close to 5-
The monthly high of $29. 49 on Monday.
The plastics and packaging industry has been rapidly integrating to meet the growing needs of e-commerce businesses, food and meat producers and the automotive industry.
As the news paper industry slows, Transcontinental has been expanding its packaging assets while selling newspapers.
Third, the company bought Chicago.
In October, it took over Les Industries Flexipak Inc. in Quebec to expand its reach in Eastern Canada.
\"We believe the deal is in full line with the company\'s shift from printing to packaging and its desire to complete a massive acquisition,\" Drew McReynolds, RBC Capital Markets analyst, wrote in a customer report.
As part of the latest deal, Transcontinental will control the 21 production facilities of Coveris Americas held privately, which, among other things, produce roll paper, bags and pouch, shrinkThe U. S.
Coveris\'s revenue reached $0. 966 billion in 2017, while Transcontinental\'s packaging business accounted for 15% of its total revenue at $2.
1 billion fiscal year 2017.
Coveris plans to use the proceeds from the sale to pay off its debts and will have 44 facilities in 14 countries after the sale.
It believes that Transcontinental will use cash and debt on hand to finance the deal, which can save about $20 million in costs over the next two years.
The transaction is expected to be completed by 2018.
BMO Capital Market and J. P.
Morgan Securities Co. , Ltd. is a financial advisor to cross-continental companies, Goldman Sachs and Wells Fargo Securities.
Stocks in Montreal-
Shares of the headquarters company rose by nine.
$ 4%, $27.
Trading on the Toronto Stock Exchange on the afternoon of the 83 Th.
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