- 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.
