Transcontinental Inc. has announced it entering into an agreement to acquire Ultra Flex Packaging, a flexible packaging vendor for $80 million. The deal is said to consist of cash and other considerations which are subject to pre-established financial targets.
Canada-based largest printer Transcontinental operates in print and digital media, flexible packaging and publishing. It aims to create products and services that allow businesses to attract, reach and retain their target customers. Transcontinental known as TC Transcontinental values respect, teamwork, performance and innovation in corporation and its committed to all stakeholders it to pursue its business and other philanthropic activities in proper manner.
Francois Olivier, president and CEO of TC Transcontinental said, “This acquisition builds on our Capri Packaging acquisition last year and is part of our strategy to ensure our future growth path through diversification.” He added, “This latest acquisition expands our footprint in the U.S., gives us access to a national sales force, to new vertical markets and manufacturing capabilities. One the acquisition has been completed, we will report annualized revenues of over $150 million in our packaging division. The three co-owners of Ultra Flex Packaging have agreed to stay on to ensure a smooth transition, provide continuity and support future growth. We are very optimistic of our growth prospects in this area and look forward to welcoming our new employees soon.”
Eli Blatt, founder and CEO of Ultra Flex Packaging noted, “We are very pleased to join TC Transcontinental. While we bring to the table industry knowledge, a highly skilled workforce and a national sales team, TC Transcontinental brings strong leadership, financial means and decades of manufacturing experience. Together we have what it takes to build the foundation for future growth.”