Veritiv Corporation has signed a definitive purchase agreement to sell its Veritiv Canada, Inc. business to Imperial Dade.
"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," said Sal Abbate, Veritiv's CEO.
Veritiv expects to use net proceeds from the transaction to support its recently announced $200 million share repurchase program as well as future capital priorities and growth initiatives.
The deal is subject to Canadian regulatory approval and is expected to close prior to the end of the 2Q. Upon closing of the sale, Veritiv's approximately 900 employees in Canada will become employees of Imperial Dade.
Veritiv Corporation, headquartered in Atlanta, is a full-service provider of packaging, JanSan and hygiene products, services and solutions.
