IPG announced the completion on July 1 of the previously announced transaction to acquire substantially all of the assets of Canadian Technical Tape Ltd. (“Cantech”), a North American supplier of industrial and specialty tapes based in Montreal.
MONTREAL, QUEBEC and SARASOTA, FLORIDA, July 3, 2017 – Intertape Polymer Group Inc. (TSX:ITP) (“IPG” or “the Company”) announced the completion on July 1 of the previously- announced transaction to acquire substantially all of the assets of Canadian Technical Tape Ltd. (d/b/a “Cantech”), a North American supplier of industrial and specialty tapes based in Montreal. The expected aggregate purchase price is approximately $67 million (as updated from the previously-communicated purchase price of $63 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 $450 million credit facility.
Cantech is based in Montreal, has approximately 250 full-time employees, and is a leading manufacturer of industrial and specialty tapes. Cantech services the Canadian, US, and European markets with pressure-sensitive adhesive tape to industrial, construction, and retail markets. It has three manufacturing facilities within North America located in Montreal, QC, Cornwall, ON and Johnson City, TN. For more information, visit www.cantech.com.
Intertape Polymer Group Inc. is a recognized leader in the development, manufacture and sale of a variety of paper and film based pressure-sensitive and water-activated tapes, polyethylene and specialized polyolefin films, woven coated fabrics and complementary packaging systems for industrial and retail use. Headquartered in Montreal, Quebec and Sarasota, Florida, the Company employs approximately 2,450 employees with operations in 21 locations, including 14 manufacturing facilities in North America and one in each of Europe and Asia. For more information about IPG, visit www.itape.com.
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