UPDATE 4-Transcontinental beefs up packaging business with $1.32 bln Coveris deal [Reuters]
A SCHULMAN (SHLM)
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Source: Reuters
Transcontinental to buy Coveris's U.S. packaging business for $1.32 billion | Reuters 3 Min Read (Reuters) - Transcontinental Inc ( TCLa.TO ) said it would buy the U.S. packaging business of Coveris Holdings S.A. for $1.32 billion (C$1.70 billion) as the Canadian publisher looks to join other top North American companies in the flexible packaging space. Shares of the company surged as much as 16 percent to hit a near 5-month high of C$29.49 on the Toronto Stock Exchange on Monday. The plastics and packaging industry has been consolidating rapidly to cash in on the rising demand from ecommerce businesses, food and meat producers and automotive sector. In February, LyondellBasell Industries NV ( LYB.N ) bought smaller rival A. Schulman Inc ( SHLM.O ) for $2.25 billion. As part of the deal, Transcontinental will take control of privately held Coveris Americas’s 21 production facilities that make rollstock, bags and pouches, shrink films and labels, among others. The U.S. unit of Co
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