Transcontinental rises on plan to close Tomah plant

Transcontinental

17/11/2023 16:29

** Shares of packaging firm Transcontinental  TCLa.TO  up
1.4% at C$10.96
    ** Co says that as part of its cost-cutting measure it will
be phasing out operations at its Tomah (Wisconsin) packaging
plant and expects closure of the facility in early February
    ** Says operations will gradually be transferred to TC
Transcontinental Packaging’s plants in other regions
    ** "In line with our priority of optimizing the return on
our assets, reducing costs and improving operational efficiency,
we have made the decision, after thorough consideration," said
Jeff Lasley, senior vice president, TC Transcontinental
Packaging
    ** Shares down 28.3% YTD

 (Reporting by Tanay Dhumal in Bengaluru)
 ((Tanay.Dhumal@thomsonreuters.com; 
Twitter: https://twitter.com/TanayDhumal))