Intertape Polymer Group Inc. to Acquire Flexia Corporation and Fib-Pak Industries Inc.MONTREAL & BRADENTON, Fla. -- Intertape Polymer Group Inc. (NYSE NYSE See: New York Stock Exchange :ITP ITP - Intent to Package )(TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :ITP) ("IPG IPG Implantable pulse generator, see there " or the "Company") announced today 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 Langley, British Columbia can mean the following:
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 FIBC Flexible Intermediate Bulk Container ) and sold to other manufacturers. Fib-Pak operates two plants in Hawkesbury, Ontario. About Intertape Polymer Group 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. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Certain statements and information included in this release constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied in such forward-looking statements. Additional discussion of factors that could cause actual results to differ materially from management's projections, estimates and expectations is contained in the Company's SEC filings. The Company undertakes no duty to update its forward-looking statements, including its earnings outlook. INTERTAPE POLYMER GROUP INC. (NYSE:ITP) (TSX:ITP) |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion