Intertape Polymer acquires polyolefin fabric maker Maiweave
The deal is designed to expand Montreal-based Intertape Polymer’s woven business by giving it increased access to the U.S. market and a new facility in India.
In a move that expands its product line, Montreal’s Intertape Polymer Group Inc. (IPG) has acquired substantially all of the operating assets of Maiweave LLC for US$21 million.
Founded in 2002, Maiweave is a private company based in Springfield, Ohio and an integrated U.S. manufacturer of engineered coated polyolefin fabrics that employs approximately 75 team-members at two manufacturing facilities.
Its products are used in applications such as grain and salt pile covers, pit and pond liners, shelter fabrics, outdoor media, and lumber mill packaging.
Maiweave is also expected to provide IPG with the ability to leverage its new woven manufacturing facility in India, which remains on budget and on time for commercial operations starting in the first half of 2019.
“This acquisition is expected to provide us with an opportunity to consolidate a US-based engineered coated products manufacturer and expand the scale of our woven products offering. Maiweave has a strong, established customer base, long-term and dedicated employees, and locations in the Midwest and in the Southeast,” said IPG president and CEO Greg Yull. “We believe this acquisition will enhance our ability to service our U.S. markets such as the strengthening building and construction, oil and gas, and outdoor media industries. It also provides us an opportunity to backward-integrate manufacturing from our new India facility, which is nearing completion, as an alternative to third-party product that Maiweave is currently procuring from Asia.”
The Maiweave acquisition is the seventh strategic transaction that IPG has completed in the past four years. Most recently, in November IPG became the sole shareholder of India-based packaging tape maker Powerband Industries Private Ltd. by acquiring the outstanding 26 per cent interest in the company for US$9.9 million.
With dual headquarters in Montreal and Sarasota, Fla., IPG manufactures a variety of paper- and film-based pressure sensitive and water-activated tapes, polyethylene and specialized polyolefin films, protective packaging, woven coated fabrics and complementary packaging systems for industrial and retail use.