Transcontinental buys Ultra Flex Packaging
September 1, 2015 by Manufacturing AUTOMATION
Sept. 1, 2015 – Transcontinental Inc., known as TC Transcontinental, says it expects to double its packaging division’s revenues after agreeing to acquire Ultra Flex Packaging Corp., a supplier of flexible packaging for US$80 million.
Located in Brooklyn, N.Y., Ultra Flex Packaging employs close to 300 people and generated US$72 million in annual revenues and US$12 million in operating income before amortization in its last fiscal year. The transaction is expected to close before the end of the fiscal year.
“This acquisition builds on our Capri Packaging acquisition last year and is part of our strategy to ensure our future growth path through diversification,” said François Olivier, president and CEO of TC Transcontinental.
Ultra Flex’s three co-owners will stay on to “ensure a smooth transition, provide continuity and support future growth.”
“We are very pleased to join TC Transcontinental,” continued Eli Blatt, founder and CEO of Ultra Flex Packaging. “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.”
Transcontinental claims to be Canada’s largest printer, with operations in print and digital media, flexible packaging and publishing, and more than 8,000 employees throughout North America.