Intertape Polymer reports revenue increase for 2018
The packaging supplier increased its revenue by more than 17% to US$1,053 million compared to 2017, and by more than 21.2% to US$287.7 million in the fourth quarter of 2018 compared to Q4 2017.
On the heels of several acquisitions, Montreal’s Intertape Polymer Group Inc. (IPG) delivered what it calls “solid results” in 2018, increasing its revenue by more than 17% to US$1,053 million compared to 2017, and by more than 21.2% to US$287.7 million in the fourth quarter of 2018 compared to Q4 2017.
“[We] strengthened our product bundle with the addition of protective packaging solutions from the Polyair acquisition and expanded our geographic and competitive footprint with the acquisition of Maiweave,” IPG president and CEO Greg Yull said in a statement. “As we move into 2019, we are actively integrating these businesses, as well as delivering on the synergies from the prior acquisitions of Cantech and Airtrax. Our main priorities in 2019 are commissioning the two Indian facilities on time and on budget by mid-year, scaling production at those facilities and the second Midland production line, and driving cost and revenue synergies in Cantech, Polyair and Maiweave.”
Yull also noted that IPG has invested more than US$160 million in a capital program in the past two years, including approximately US$63 million in three new greenfield facilities, including the second line at the Midland, North Carolina facility for water-activated tapes and in India at IPG’s carton sealing tapes and woven products facilities.
IPG acquired Polyair in July 2018 for US$146 million. The privately held company has dual headquarters in Toronto and Chicago, and supplies bubble cushioning, foam, mailers and air pillow systems, which IPG describes as being complementary to its business. In December 2018, IPG bought substantially all of the operating assets of Maiweave LLC for US$21 million; 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.
Looking ahead, IPG has forecast its 2019 revenue to be between US$1,180 and US$1,220 million, barring unforeseen developments.
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.