Intertape Polymer Group Inc. (ITP.TO) ("IPG®" or "the Company") today announced the acquisition of RJM Manufacturing, Inc. (d/b/a "TaraTape") effective November 2, 2015, a manufacturer of filament and pressure sensitive tapes. All amounts in this press release are denominated in US dollars unless otherwise indicated.
TaraTape revenue for the most recently completed fiscal year was approximately $20 million. The purchase price of $11.0 million was financed with funds from the Company's revolving credit facility.
"We believe this acquisition in the filament tape industry will strengthen our market position mainly in filament tapes and provide many opportunities for operational synergies," indicated Greg Yull, the Company's President and CEO. "This is our second acquisition this year which affirms our commitment to create value for our shareholders through our mergers and acquisitions program. As previously indicated, we intend to continue our pursuit of other strategic opportunities."
About TaraTape
TaraTape develops, manufactures and markets pressure sensitive adhesive tapes used for industrial applications. TaraTape has a strong established reputation as a high quality supplier with the ability to custom design products for specific applications. TaraTape is located in Fairless Hills, Pennsylvania and has approximately 55 employees.
TaraTape filament tapes are used for industrial packaging and specialty applications. Additionally, TaraTape's key products include MOPP/strapping, printed carton sealing tape and other ancillary products. For more information, visit www.TaraTape.com.
About IPG
Intertape Polymer Group Inc. is a recognized leader in the development, manufacture and sale of 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. Headquartered in Montreal, Quebec and Sarasota, Florida, the Company employs approximately 1,950 employees with operations in 16 locations, including 11 manufacturing facilities in North America and one in Europe. For more information about IPG, visit www.itape.com.