Intertape Polymer Group (Montreal, Québec / Canada; www.itape.com) has entered into a definitive agreement to acquire 100% of the outstanding equity value in Polyair Inter Pack (Toronto, Ontario / Canada; www.polyair.com), a manufacturer of protective packaging, for approximately USD 146m (EUR 125m). The transaction is subject to regulatory approval and expected to close in the third quarter of 2018.

The Canadian tape manufacturer is expanding its product portfolio with the buy. Polyair manufactures air cushions, PE foam films and flexible films. The company has two headquarters in Toronto and Chicago, Illinois / USA, and along with 600 employees, it has seven production facilities and a distribution centre in North America.

With around 2,850 employees, Intertape has 13 plants and seven offices in North America, Europe and Asia. The company expects Polyair to generate revenue of USD 133m and EBITDA of USD 14m for the current year.