Hood Packaging is a leading North American manufacturer of plastic film and bags, woven-PP bags, coated and laminated materials, and paper packaging, with head offices in Madison, MI, and Burlington, ON, Canada. Hood Packaging employs almost 2,000 employees and is a wholly owned subsidiary of Hood Companies, Inc.
“When we acquired Coveris Americas, we welcomed all of their assets and broad portfolio of products,” says François Olivier, president/CEO-TC Transcontinental. “After operating the paper business for almost 18 months, we concluded that it is less core to our Packaging Sector’s growth strategy. As such, our decision to sell these assets is aligned with our plan to continue building our flexible-packaging platform where we see good growth potential. In addition, this transaction will enable us to deleverage our balance sheet faster than expected and give us the flexibility to continue acquiring businesses that are more complementary to our existing flexible packaging portfolio.”
Hood Packaging is acquiring the following paper-packaging operations and buildings of TC Transcontinental: Transcontinental Sibley, IA; Transcontinental Hanford, CA; Transcontinental Hazleton, PA; and Transcontinental Tifton, GA. In addition, Hood Packaging is acquiring the paper and woven-PP packaging operations at the Transcontinental Spartanburg, SC, plant; TC Transcontinental will retain ownership of this building and continue operating from this location, which also manufactures plastic flexible packaging.
About 415 employees will transfer to Hood Packaging after the closing of the transaction.