TCL sells Fremont, California facility to Hearst TC Transcontinentalsell Fremont, California facility to Hearst announces the sale of its Fremont, California building to Hearst for a price of US$75 million. As a reminder, the Corporation had already transferred to Hearst the printing operations of its Fremont, California facility in April 2018.
The pending transaction is subject to customary closing conditions and is expected to close during the fourth quarter of fiscal 2019. Once the sale is completed, TC Transcontinental will receive a one-time cash payment of US$75 million. The Corporation currently anticipates using the net proceeds from this sale to reduce its debt in line with the goal of reducing its net indebtedness ratio below 2.0x by the end of fiscal year 2020, as well as to continue its transformation with targeted acquisitions.