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Benzinga
Benzinga
Business
Akanksha Bakshi

Veritiv Agrees To Sell Canadian Operations To Imperial Dade For Undisclosed Sum

Veritiv Canada NYSE
  • Veritiv Corp (NYSE:VRTV) has agreed to sell its Veritiv Canada, Inc. business to Imperial Dade. Deal terms were not disclosed.
  • Veritiv's ~900 employees in Canada will become employees of Imperial Dade.
  • Veritiv will use net proceeds from the transaction to support its recently announced $200 million share repurchase program and future capital priorities and growth initiatives.
  • "This sale aligns with our strategy to focus on higher growth, higher margin businesses and geographies, and further invest in building on our industry-leading Packaging and Facility Solutions capabilities," commented Sal Abbate, Veritiv's CEO.
  • The company expects to close the deal before the end of the second quarter.
  • Price Action: VRTV shares are trading lower by 0.39% at $125.54 on the last check Friday.
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