Transcontinental Acquires Remaining Shares in Its Mexican Operations
Press release from the issuing company
Montreal, October 11, 2002 – Transcontinental today announced the acquisition of the remaining 33% interest held by the minority shareholder in its Mexican operations. The acquisition gives Transcontinental 100% ownership of Impresora Transcontinental de México, its Mexican subsidiary, and positions the company to pursue its plans for development in Mexico.
With a plant in Toluca, just outside Mexico City, and two in Mexico City, including the recently acquired book printing company Éditorial Offset, Impresora Transcontinental de México boasts a network of three printing plants that generates annual revenues of close to C$130 million, making it the largest commercial printer in Mexico. Transcontinental also owns a door-to-door distributor of advertising material. In total, the company employs over 1200 people in Mexico.
"Mexico is a market with strong growth potential that has been identified as key to Transcontinental’s development strategy," said Rémi Marcoux, Chairman of the Board and Chief Executive Officer of Transcontinental Group. "With full control over our Mexican operations, we now enjoy greater flexibility to capitalize on that potential and continue the implementation of the business model to which we owe our success in Canada. Our Mexican partners will however continue helping us pursue the growth of the company."
Transcontinental Group is one of the ten largest commercial printers in North America and a leader in Canada in most of its niches. It is also Canada's leading publisher of consumer magazines and the country's second-largest publisher of community newspapers. In addition, the Corporation is engaged in direct marketing and the door-to-door distribution of advertising material. Transcontinental has over 12,000 employees in Canada, the United States and Mexico, and posted revenues of C$1.8 billion in 2001.
Transcontinental Group is a Canadian company whose Class A Subordinate Voting Shares and Class B Shares are listed on the Toronto Stock Exchange under the symbols GRT.A and GRT.B.
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