North American flexible packaging leader TC Transcontinental has sold its industrial packaging operations to Hood Packaging Corporation for $95 million (USD). These operations generated approximately US$50 million in revenues during the last twelve months.
“Industrial packaging is a solid business. However, after operating it for several years, we concluded that it offers few synergies with the rest of our portfolio, and is not core to our Packaging Sector’s growth strategy,” said Thomas Morin, president and CEO of Montreal, Canada-based TC Transcontinental. “We are pleased for our employees that Hood Packaging, a family-controlled company like TC Transcontinental whose industrial packaging business is core to their activities, is the buyer.”
With headquarters in Madison, Mississippi, Hood Packaging is acquiring TC’s Thomasville, North Carolina packaging operations and building, and 138 employees are being transferred. Hood Packaging also is acquiring the industrial packaging business of TC’s Ontario, California plant, which represents approximately 15% of this plant’s revenues.
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