CHICAGO (News release) -- LSC Communications announced that the company has entered into a definitive agreement to sell LSC's European printing business to Walstead Group, one of the leading web offset commercial printers in Europe. LSC's European printing business is headquartered in Poland and includes three web offset manufacturing facilities, a logistics and warehousing site and one location dedicated to premedia services. The agreement is subject to customary completion conditions, adjustments and regulatory approvals and is expected to close by the end of 2018.
Thomas J. Quinlan III, Chairman and Chief Executive Officer of LSC Communications, commented, "The monetization of our European operations is another step in our strategic plan which is focused on pioneering services and solutions that drive long-term growth and create the most value for our core client segments, as evidenced by our recent completion of the acquisition of RR Donnelley's Print Logistics business."
The company expects the transaction will result in debt reduction of approximately $60 million, using a combination of sale proceeds and repatriated cash to pay down debt under its revolving credit facility.
On an annualized basis, the transaction is expected to decrease LSC Communications' revenue by approximately $250 million and annual non-GAAP adjusted EBITDA by approximately $12 million.
LSC will report second-quarter 2018 results and host a conference call on Thursday, August 2, 2018 where the company will provide more details.
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