Intertape Polymer to invest $20 million in India
Montreal-based packaging material supplier Intertape Polymer Group (IPG) is investing US$20 million to strengthen its business and enhance its capacity in India.
The announcement follows IPG’s acquisition, in September 2016, of controlling stake (74 per cent) in Powerband Industries Pvt Ltd., a global supplier of acrylic adhesive-based carton sealing tapes and stretch films located in Daman, India.
IPG’s new investment plan involves capacity expansion of Powerband plant in Daman as well as the construction of a greenfield facility in the country. With this, the company is aiming to grow its business beyond North America, where it has been a dominate player, to fast-growing Indian market, which is expected to witness manifold increase in packaging requirement.
“We believe that it is critical to IPG’s growth that we expand from being a primarily North American producer to becoming a greater participant in the global market,” said Greg Yull, IPG’s president and CEO, in a statement in September 2016. “This transaction materially furthers IPG’s strategy to expand globally due, in part, to Powerband’s presence in virtually every significant global market, as well as providing IPG with the benefit of access to a low cost and high growth jurisdiction.”
IPG manufactures and sells a variety of film-based pressure-sensitive and water-activated tapes, polyethylene and specialised polyolefin films, woven coated fabrics and complementary packaging systems for industrial and retail use. The company employs approximately 2,200 employees with operations in 18 locations, including 12 manufacturing facilities in North America, one in Europe and one in India.
IPG is headquartered in Montreal and in Sarasota, Fla.