Transcontinental revealed its financial year end numbers which saw the company grow its revenues by one percent over 2010. The company attributes the growth, which includes a revenue increase from $2.03 billion to $2.04 billion, to its printing sector and its new contracts.
"I am very proud of our 2011 results as we managed to grow both our revenues and profit in an industry that is undergoing a profound transformation," said Transcontinental CEO and President François Olivier. "This past year alone we aligned our business portfolio with our strategy by making strategic acquisitions, divesting non-core businesses and consolidating our operations. We also signed new contracts and launched new products and services to develop both our traditional and new digital offering."
These results are posted just prior to the company closing its transaction with Quad/Graphics for the exchange of its assets which sees Transcontinental acquire all shares of Quad/Graphics Canada and transferring ownership of Transcontinental's Mexican operations to Quad. A black-and-white book printing operation which produces books for export was also sold to Quad. Transcontinental says it expects to generate $40 million over 12 to 24 months following the closing of the Canadian transaction.
In 2011, the company signed a four-year contract with Canadian Tire, purchased several Quebec newspaper publishing companies, and acquired Toronto-based Vortxt Interactive. The company also consolidated five printing plants by transferring the volume to larger and better equipped plants.