03:35 PM EST - Transcontinental Inc. : said that it signed an agreement to sell its U.S. high-volume direct mail operations to IWCO Direct, a U.S.-company headquartered in Minnesota. The sale includes substantially all of the assets of Transcontinental's U.S. direct mail group in Warminster and Hamburg in Pennsylvania, and in Fort Worth, Texas and Downey, California. The transaction is subject to regulatory approval and is expected to close by the end of Transcontinental's second quarter. While awaiting regulatory approvals, the two companies will continue to operate independently until the sale closes. Transcontinental's high-volume direct mail group in the United States generated revenues of $153 million U.S. in 2009 and employs about 1,200 people. Transcontinental Inc.
shares T.TCL.A are trading down $0.30 at $12.60.
