TC Transcontinental announces new agreement with Hearst

Transcontinental Inc. (TSX: TCL.A TCL.B) today announced that, effective April 2, 2018, TC Transcontinental will transfer to Hearst the printing operations of its Fremont, California facility where Hearst’s San Francisco Chronicle — the largest newspaper in Northern California and the second largest on the West Coast — and its related products are printed, and post-press services are conducted. Under the terms of the agreement, TC Transcontinental will continue printing the newspaper in Fremont for a transition period.

TC Transcontinental will receive a cash payment of US$42.8 million from Hearst as compensation for the early termination of the printing agreement, for the sale of some of its printing equipment, and for services to be rendered as part of a Transitional Service Agreement. The amount will be received mainly in 2017, and the balance in 2018.

On April 2, TC Transcontinental employees working at the Fremont plant will be transferred to Hearst. TC Transcontinental would like to thank all these employees for their dedication and professionalism over the years and wishes them continued success, going forward with Hearst. TC Transcontinental maintains ownership of its Fremont, California plant and will be renting the facility to Hearst until the end of 2024.

The Corporation will transfer the remaining equipment in Fremont to other TC Transcontinental Canadian plants in 2018 to create efficiencies within its retail printing platform. TC Transcontinental will also transfer the retail volume from the Fremont operation to other plants in its printing network and ensure a seamless transition for its customers
http://tctranscontinental.com/-/tc-transcontinental-announces-new-agreement-with-hearst

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