Intertape Polymer Announces the Acquisition of Anchor Continental

Intertape Polymer Group Inc. (IPG) announced today that it has completed a previously announced agreement with Coating Technologies International, Inc acquiring all outstanding shares of Anchor Continental, Inc.

Anchor manufactures an extensive line of pressure sensitive tapes including both masking and duct tapes at a facility located in Columbia, SC. IPG paid approximately $105 million for 100 percent of the shares. Funding for this acquisition was provided by Canadian and American banks which advanced US$100 million.

The acquisition of Anchor is a strategic move in expanding IPG's existing product lines to provide better service and increase product supply to its industrial customer base.

This will provide an opportunity for IPG to increase sales and enhance its goal to remain a low-cost producer and global manufacturer.

Intertape Polymer Group Inc. develops and manufacturers a variety of specialized polyolefin plastic and paper based packaging products for industrial uses.