News Briefs (November 01, 2010)
Quebec injection molder and extruder IPL Inc. is being purchased by private equity firm Novacap and Quebec provincial venture capital firm Fonds de solidarite FTQ for $94.2 million.The offer "will permit shareholders to realize promptly a...
Quebec injection molder and extruder IPL Inc. is being purchased by private equity firm Novacap and Quebec provincial venture capital firm Fonds de solidarite FTQ for $94.2 million.
The offer “will permit shareholders to realize promptly a fair value for their multiple voting shares without being subject to risks inherent in IPL’s business plan or market risks inherent in non-cash offers,” the company said in a statement. Shareholders approved the deal on October 12.
Saint-Damien-based IPL, which makes parts for a variety of industrial manufacturing sectors, employs approximately 900 people at four plants — three in Quebec and one in New Brunswick.
Automotive parts maker Florida Production Engineering Inc. (FPE) will open an injection molding facility in Stratford, Ont. in April 2011.
The Troy, Mich.-based company plans to occupy 65,000 square feet of the former Collins and Aikman manufacturing plant, and will hire between 30 to 50 workers during the growth stage of the operation.
FPE — which designs and manufactures wheel trim, interior and exterior trim and a variety of industrial plastic structural products — will supply parts to Honda in Canada.