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Intertape Polymer Group completes transaction to acquire Cantech

July 17/2017

MOSCOW (MRC) -- Intertape Polymer Group Inc. has announced the completion on July 1 of the previously-announced transaction to acquire substantially all of the assets of Canadian Technical Tape Ltd, a North American supplier of industrial and specialty tapes based in Montreal, as per MarketWired.

The expected aggregate purchase price is approximately USD67 million (as updated from the previously-communicated purchase price of USD63 million due to certain purchase price adjustments), subject to further post-closing adjustments. All amounts in this press release are denominated in US dollars.

The Cantech acquisition will further enhance and extend the company's product offering, and provide additional distribution channels for IPG products in Canada, the US, and Europe. The purchase price was financed with funds available under IPG's revolving USD450 million credit facility.

As MRC wrote before, in early 2016, Intertape Polymer Group Inc. decided to invest in the construction of a greenfield manufacturing facility to increase the company's manufacturing capacity of water-activated tapes.

Intertape makes film- and paper-based pressure sensitive and water-activated tapes, polyethylene and specialized polyolefin films, woven coated fabrics and packaging systems for industrial and retail use. The company has 16 sites, including 11 manufacturing locations in North America and one manufacturing site in Porto, Portugal.
Author:Margaret Volkova
Tags:PE, film extrusion, BOPP films, Canada.
Category:General News
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