Transcontinental has completed the acquisition of the assets of U.S.-based Capri Packaging, a producer of flexible packaging, with two facilities in Clinton, Miss. The acquisition will add about $72 million to TC Transcontinental's revenues.
As part of the transaction, the seller, Schreiber Foods Inc., has signed a 10-year printing agreement with Capri, which represents about 75 percent of the print shop's business.
"The acquisition of Capri Packaging represents a strategic move for the corporation into a new, promising area, flexible packaging, where we can significantly leverage our manufacturing competencies," says Francois Olivier, president and CEO of Transcontinental Inc.
Brian Reid, current president of the printing division will head up a new sector that now comprises both printing and packaging. Jacques Gregoire, a 27-year veteran of Transcontinental, will take charge of the printing segment, as divisional president.