MONTREAL—  Transcontinental has announces the sale of its industrial packaging operations to Hood Packaging Corporation for $132 million1. This division had sales of about $68 million2 in the last twelve months. Transcontinental is using the proceeds to reduce debt in line with its business priorities. This will increase its flexibility in capital allocation, including targeted acquisitions in growth segments. Hood Packaging is acquiring Transcontinental’s North Carolina, packaging operations and building, and 138 employees are being transferred. Hood Packaging is also acquiring the industrial packaging business of Transcontinental’s California plant. Transcontinental concluded that it offers few synergies with the rest of their portfolio, and is not core to our Packaging Sector’s growth strategy.