The deal enables TC Transcontinental to continue its transformation through targeted acquisitions
Hood Packaging completes acquisition of TC Transcontinental’s paper and woven polypropylene packaging operations (Credit: Tumisu from Pixabay)
Hood Packaging has completed the acquisition of paper and woven polypropylene packaging operations from TC Transcontinental for $180m.
The deal allows TC Transcontinental to reduce its net indebtedness ratio to around 2.0x and provide flexibility to continue its transformation via targeted acquisitions.
As part of the deal, Hood Packaging has acquired TC Transcontinental’s paper packaging operations and buildings, including Transcontinental Sibley of Iowa, Transcontinental Hanford of California, Transcontinental Hazleton of Pennsylvania and Transcontinental Tifton of Georgia.
Hood Packaging also acquires paper and woven polypropylene packaging operations at Transcontinental Spartanburg
The deal also included the acquisition of paper and woven polypropylene packaging operations at the Transcontinental Spartanburg in South Carolina plant.
As per terms of the deal, around 415 employees from TC Transcontinental have been transferred to Hood Packaging.
Hood Packaging acquired operations generated around $215m revenues in the fiscal year ended in October 2019.
Hood Packaging, a subsidiary of Hood Companies, is a North American company that produces plastic film and bags, woven polypropylene bags, coated and laminated materials, and paper packaging. With 23 North American plants, the company employs around 2,000 people.
Hood Packaging provides multiwall paper packaging, flexible plastic packaging and liquid packaging solutions, as well as speciality coated materials to its customers.
The company serves different markets, including animal and livestock feed, coffee, dairy, envelope stock, food service, bakery and flour, lawn and garden, and others.
TC Transcontinental provides flexible packaging solutions to the customers in North America.
Earlier this month, TC Transcontinental has completed the acquisition of Artisan Complete Limited, a provider of point-of-purchase displays and large format printing, for an undisclosed amount.
Employing 187 people, Artisan Complete was established in 1971 as a retail marketing agency. The firm provides in-store display, point of purchase, and point of sale design/printing services for global retailers and brands.