Intertape Polymer Group plans acquisitions
To acquire Flexia Corporation and Fib-Pak Industries.
06/10/05 Intertape Polymer Group Inc. ("IPG" or the "Company") has announced that Intertape Polymer Inc., a wholly owned Canadian subsidiary of IPG, will acquire on October 5, 2005, all of the outstanding stock of Flexia Corporation ("Flexia") and Fib-Pak Industries Inc. ("Fib-Pak") for an aggregate consideration of approximately Cdn$33,500,000 (US$28,810,000), such amount which is subject to adjustments based on the level of working capital, indebtedness and other items related to the acquired companies at the time of closing. The acquisition will be funded by IPG from available credit facilities. The purchase agreement contains customary representations, warranties, covenants and conditions.
The acquisition strengthens the engineered coated product line of IPG by broadening its range of products and providing the opportunity to reduce costs in the combined operations.
Flexia produces a wide range of coated, printed and laminated materials including fabrics, paper, film and foil, for customers throughout North America. Flexia's headquarters is located in Brantford, Ontario. It also operates plants in Langley, British Columbia and Cap-de-la-Madeleine, Quebec.
Fib-Pak produces woven circular or flat polyethylene scrims and polypropylene fabrics that are used to manufacture a broad range of flexible intermediate bulk containers (FIBC) and sold to other manufacturers. Fib-Pak operates two plants in Hawkesbury, Ontario.
IPG is a recognized leader in the development and manufacture of specialized polyolefin plastic and paper based packaging products and complementary packaging systems for industrial and retail use. IPG is headquartered in Montreal, Quebec and Sarasota/Bradenton, Florida, and employs approximately 2,600 employees with operations in 15 locations, including 10 manufacturing facilities in North America and one in Europe.
