Torstar Corp. signs deal to sell printing plant in Vaughan, Ont., for $54.25M

Torstar Corp. has signed a deal to sell the land and buildings that had housed its printing plant to an unidentified buyer for $54.25 million.

The newspaper publisher stopped the presses at the Vaughan, Ont., plant, north of Toronto, in July and shifted the work to Transcontinental.

Torstar says the deal to sell the property is subject to customary closing conditions and adjustments and expects to close the agreement late in the third quarter or early in the fourth quarter.

• Torstar to sell printing plant in Vaughan, more than 285 jobs affected

Back in January, Torstar said about220 full-time employees and 65 part-timestaff wouldbe affected when it announced itsplan to sell theprintingplant and outsource the work to Transcontinental, Canada's largestcommercial printing company.