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 subject to regulatory approval in the U.S., and is expected to close before the end of Transcontinental’s 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 Francois Olivier, president and CEO of TC Transcontinental. “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. Once the acquisition has been completed, we will report annualized revenues of over US$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,” Olivier added.