Intertape Polymer Group (IPG) has agreed to acquire protective packaging solutions provider Polyair Inter Pack in a deal valued at around $146m.
Image: Intertape Polymer to acquire protective packaging solutions provider Polyair Inter Pack. Photo: courtesy of rawpixel / Unsplash.
With dual headquarters in Toronto of Ontario and Chicago of Illinois, Polyair produces products such as bubble cushioning, foam, mailers and air pillow systems.
Polyair CEO Gary Tessitore said: “We believe IPG shares our vision of customer service, product breadth and quality as well as operational excellence in low-cost manufacturing. Joining them should offer us a platform for growth and a scale that will benefit our customers and employees.”
Polyair supplies its products to customers in different industries, including pharmaceutical, automotive, fulfilment, computers/electronics, catalog and mail order, furniture, on-line retail, household products and others.
The company, which operates seven manufacturing facilities, employs around 600 people across North America.
Polyair’s void filling solutions 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.
Both firms have diverse set of customers, and enhanced product bundle will facilitate significant cross-selling opportunities as both firms currently market products through similar distribution and end user customer channels.
The acquisition will allow IPG to supply packaging and protective solutions to more customers in multiple geographic markets.
Subject to customary closing conditions, the deal is expected to complete in the third quarter of this year.
IPG president and CEO Greg Yull said: “Polyair is a leader in protective packaging solutions with products and customers that complement our existing portfolio.
“Polyair has built a strong brand with its customer base through its commitment to operational excellence and low-cost manufacturing.”
Intertape Polymer is engaged in the development, manufacturing and selling of various 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.
With around 2,850 employees, IPG operates 13 manufacturing facilities in North America, two in Asia and one in Europe.
In July 2017, IPG acquired Canadian Technical Tape (Cantech), a North American supplier of industrial and specialty tapes based in Montreal to further improve and extend its product offering, and provide additional distribution channels for its products in Canada, the US, and Europe..