Intertape Polymer buying protective packaging maker Polyair
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In its sixth acquisition in four years, Canadian packaging product supplier Intertape Polymer Group is buying protective packaging maker Polyair Inter Pack Inc., which has corporate headquarters in Montreal and Sarasota, Fla., for US$146 million.
In its sixth acquisition in four years, Canadian packaging product supplier Intertape Polymer Group (IPG) is buying protective packaging maker Polyair Inter Pack Inc. for US$146 million.
Polyair, a privately held company with dual headquarters in Toronto and Chicago, has about 600 employees and seven manufacturing facilities and a distribution centre in North America. Its products consist of bubble cushioning, foam, mailers and air pillow systems, which IPG describes as being complementary to its business.
“We believe this acquisition demonstrates our commitment to deliver on our strategic growth targets and become a global leader in packaging and protective solutions. We consider protective packaging an important driver of our vision and we expect this acquisition to create value for our shareholders,” Greg Yull, president and CEO of IPG, said in a statement. “Polyair is a leader in protective packaging solutions with products and customers that complement our existing portfolio. Polyair has built a strong brand with its customer base through its commitment to operational excellence and low-cost manufacturing. We believe significant opportunities exist for us to expand our existing relationships with a protective-solutions offering, especially in the e-commerce segment, and win new customers with a broader and stronger product bundle.”
The deal is expected to close in the third quarter of 2018.
IPG, which has corporate headquarters in Montreal and Sarasota, Fla., develops, manufactures, and sells a variety of paper and film-based pressure-sensitive and water-activated tapes, polyethylene, and specialized polyolefin films, woven coated fabrics, and complementary packaging systems for industrial and retail use.
IPG has acquired a number of companies in the past few years. Most recently, it bought Canadian Technical Tape Ltd., a Montreal-based supplier of industrial and specialty tapes, for US$67 million.