Montreal-based Transcontinental is selling its packaging business to ProAmpac Holdings Inc. in a deal valued at $2.22-billion, including debt lease obligations.

Transcontinental Inc. TCL-B-T reported $42.9-million in net earnings attributable to shareholders during the fourth quarter, down about 10 per cent from $47.9-million during the same period a year earlier.

On a per share basis, that amounted to 51 cents, down from 57 cents during the fourth quarter last year.

Revenue for the Montreal-based company was $732.4-million for the period ended Oct. 26, down from $749.3-million a year earlier.

Transcontinental CEO Thomas Morin says in a press release that the retail services and printing sector experienced challenges in the fourth quarter, due partly to labour disruptions at Canada P

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