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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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