Intertape Polymer Group (IPG) has completed the acquisition of protective packaging solutions provider, Polyair Inter Pack, for around $146m.
Image: Intertape Polymer Group has acquired Polyair Inter Pack. Photo: courtesy of Photo by rawpixel / Unsplash.
With dual headquarters in Toronto of Ontario and Chicago of Illinois, Polyair operates seven manufacturing facilities and employs around 600 people across North America.
Polyair produces products such as bubble cushioning, foam, mailers and air pillow systems.
IPG said it estimates Polyair will generate around $133m of revenue and $14m in adjusted EBITDA in the current fiscal year ending on 31 December.
Polyair works with pharmaceutical customers to address tampering and security, temperature and control, inefficient multi-staged packaging processes, lack of warehousing and inventory space, low packing line throughput and product integrity.
The company also produces void filling solutions, which can be used to fill up excess space in a box or a shipping container. Its applications include shipping books, small appliances and multiple items in the same container.
IPG president and CEO Greg Yull said: “The addition of Polyair’s protective packaging offering is a strategic acquisition that expands our offering into a new product line thereby strengthening our overall product bundle.
“Polyair’s complementary product offering and established customer base provide us a two-faceted approach for cross-selling opportunities. In addition, as the e-commerce market continues to experience out-sized growth, we believe protective packaging demand will continue to be a key component of our future growth.”
IPG said it estimates Polyair will generate around $133m of revenue and $14m in adjusted EBITDA in the current fiscal year ending on 31 December.
With headquarters in Montreal of Quebec and Sarasota of Florida, Intertape Polymer is involved in the development, manufacturing and marketing of various paper and film-based pressure sensitive and water-activated tapes, polyethylene and specialized polyolefin films, and protective packaging solutions.
The company also produces woven coated fabrics and complementary packaging systems for industrial and retail use.
With around 3,400 employees, Intertape Polymer has operations in 27 locations, including 20 manufacturing facilities in North America, two in Asia and one in Europe.