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Be the first with the news that moves the market- TC Transcontinental (TCL) has invested more than C$10 million into its book printing facilities in Quebec
- The investments focussed on the comapny’s Interglobe plant to improve and update the site’s manufacturing efficiency and environmental footprint
- Much of the improvement has come from robotic automation of the site’s binding and bagging departments to combat workforce shortages in the region
- To company hopes the improved facility will better suit its North American book publishing customers
- TC Transcontinental (TCL) is up 0.93 per cent and is trading at $16.25 per share
TC Transcontinental (TCL) has invested more than C$10 million into its book printing facilities in Quebec.
The investment was funnelled into the company’s Interglobe plant in Quebec over the last few months to improve and update the site’s manufacturing efficiency and environmental footprint.
Much of the improvement has come from robotic automation of the site’s binding and bagging departments. The company cited labour constraints in the region as a motivation for the push towards automation.
To company hopes the improve facility will better suit the North American book publishing market and help it benefit from any growth in the sector over the long term.
Jacques Grégoire, TC’s Chief Development Officer of Printing & Media said the major investments demonstrate the company’s confidence in the future of the North American book market.
“The timing is right for these investments with the signing of several contract extensions and new agreements with major educational publishers. They will allow us to remain competitive in the market and take on larger jobs to continually meet the growing demand from our customers,” he said.
The investment follows a difficult year-to-date for the company’s shares, which fell sharply at the onset of the COVID-19 pandemic due to the non-essential nature of its businesses.
After furloughing 1,600 staff amid the resulting government mandated lockdown, TC posted a 19 per cent drop in its third quarter revenue, but was confident about a 33 per cent bump in its operating earnings.
At the time of the quarterly release, François Olivier, President and CEO of Transcontinental, remained optimistic about the company’s furture.
“Although the economic climate continues to be uncertain, we remain confident in our ability to generate significant cash flows and are strongly positioned to take advantage of future business opportunities and pursue our transformation,” he added.
TC Transcontinental (TCL) is up 0.93 per cent and is trading at $16.25 per share at 10:53pm EDT.
