Intertape Polymer defers sale of bulk container business
Canadian PlasticsCanadian Plastics
Flexible packager Intertape Polymer Group (IPG) Inc. announced that it will defer its decision to sell a portion ...
Flexible packager Intertape Polymer Group (IPG) Inc. announced that it will defer its decision to sell a portion of its interest in the combined coated products operation and flexible intermediate bulk container (FIBC) business.
Because of this decision, IPG, which has corporate headquarters in Montreal, will record a charge of approximately US $4.2 million for the fees and expenses that it has incurred related to the now deferred sale.
“Intertape’s decision to defer the salewill give senior management the opportunity to devote their full attention to (IPG’s) business as a whole with the goal of improving our operating results from the first quarter as quickly as possible,” H. Dale McSween, IPG’s president, engineered coated products division, said.
IPG reported a first quarter 2006 net loss of US $10 million.
Founded in 1981, IPG has operations in 19 locations including 15 manufacturing facilities, with approximately 3,000 employees.