Montreal-based Transcontinental is selling its packaging business to ProAmpac Holdings Inc. in a deal valued at $2.22-billion, including debt lease obligations.Christinne Muschi/The Canadian Press
Transcontinental Inc. TCL-B-T reported $42.9-million in net earnings attributable to shareholders during the fourth quarter, down about 10 per cent from $47.9-million during the same period a year earlier.
On a per share basis, that amounted to 51 cents, down from 57 cents during the fourth quarter last year.
Revenue for the Montreal-based company was $732.4-million for the period ended Oct. 26, down from $749.3-million a year earlier.
Transcontinental CEO Thomas Morin says in a press release that the retail services and printing sector experienced challenges in the fourth quarter, due partly to labour disruptions at Canada Post.
Transcontinental to sell packaging division to ProAmpac for about $2.2-billion
On Monday, Transcontinental announced it signed an agreement to sell its packaging business to ProAmpac Holdings Inc. in a deal valued at $2.22-billion, including debt lease obligations.
The company says the sale of its packaging business is subject to closing conditions and is expected to close in the first quarter of next year.