SARASOTA — Packaging tape firm Intertape Polymer Group Inc. announced it acquired substantially all the operating assets of fabric maker Maiweave LLC for about $21 million.
IPG, with a dual headquarters in headquartered in Montreal and Sarasota, financed the acquisition with funds available under its $600 million loan/credit facility, according to a statement.
Maiweave, based in Springfield, Ohio, manufacturers engineered coated polyolefin fabrics. According to the press release, it employs about 75 people at two manufacturing facilities. Its products are used in applications such as grain and salt pile covers, pit and pond liners, shelter fabrics, outdoor media and lumber mill packaging.
“This acquisition is expected to provide us with an opportunity to consolidate a U.S.-based engineered coated products manufacturer and expand the scale of our woven products offering," says Intertape Polymer Group President and CEO Greg Yull in the statement. "Maiweave has a strong, established customer base, long-term and dedicated employees, and locations in the Midwest and in the Southeast."
IPG estimates Maiweave will generate approximately $25 million of revenue in 2018, according to the press release. IPG had $898.1 million in revenue in 2017.
Intertape Polymer Group Inc. develops, manufactures and sells paper- and film-based pressure sensitive and water-activated tapes, polyethylene and specialized polyolefin films, protective packaging, woven coated fabrics and packaging systems for industrial and retail use. It employs about 3,500 employees with operations in 29 locations, including 22 manufacturing facilities in North America, two in Asia and one in Europe.