Intertape Polymer Group Acquires Anchor Continental

Intertape Polymer Group, Inc. (Montreal) has completed through a U.S. subsidiary the previously announced agreement with Coating Technologies International, Inc. and has acquired all outstanding shares of Anchor Continental, Inc. Anchor manufactures an extensive line of pressure-sensitive tapes, including both masking and duct tapes, at a facility in Columbia, SC. IPG paid approximately US$105 million for 100% of the shares. Funding for the acquisition was provided by Canadian and American banks, which advanced US$100 million.

With the acquisition of Anchor, IPG strategically expands its existing product lines to provide better service and increase product supply to its industrial customer base. Currently, the combined sales of both companies exceeds C$700 million.

Intertape Polymer Group develops and manufacturers a variety of specialized polyolefin plastic- and paper-based packaging products for industrial uses. Prior to this acquisition the company had manufacturing facilities in 11 North American and one European location.