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SARASOTA — Intertape Polymer Group Inc. announced it will acquire Polyair Inter Pack Inc. for approximately $146 million.
Polyair is a private company in protective packaging with seven manufacturing facilities and a distribution center in North America. Products include bubble cushioning, foam, mailers and air pillow systems.
According to a press release, the acquisition will strengthen Intertape's product bundle and "bring immediate and additional scale of protective packaging solutions."
Intertape develops, manufactures and sells paper- and film-based pressure sensitive and water-activated tapes, polyethylene and specialized polyolefin films, woven coated fabrics and packaging systems for industrial and retail use. It is headquartered in Montreal and Sarasota.
Polyair has dual headquarters in Toronto and Chicago.
“We believe this acquisition demonstrates our commitment to deliver on our strategic growth targets and become a global leader in packaging and protective solutions," says Intertape Polymer Group President and CEO Greg Yull in the statement. "We consider protective packaging an important driver of our vision and we expect this acquisition to create value for our shareholders."
The acquisition is expected to close in the third quarter of 2018, pending antitrust regulatory approval. When complete, the acquisition will be the sixth transaction Intertape has completed in the past four years.
Polyair has about 600 employees across North America.
Intertape has about 2,850 employees and operations in 20 locations, including 13 manufacturing facilities in North America, two in Asia and one in Europe.
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