BRIEF-Intertape Polymer enters strategic partnership through Capstone

  • Reuters
  • Stock Market News
BRIEF-Intertape Polymer enters strategic partnership through Capstone
Credit: © Reuters.

June 15 (Reuters) - Intertape Polymer Group Inc ITP.TO :

* Intertape Polymer Group (IPG(R)) enters strategic partnership through Capstone(R)

* Agreement to acquire a majority stake in Capstone Polyweave Private Limited, a enterprise in India

* Agreed to ultimately acquire a minimum of a 55% interest in capstone for a cash consideration of approximately $13 million

* Majority of cash consideration of about $13 million is intended to be used by Capstone to partially finance construction of Greenfield manufacturing facility

* Cash consideration of about $13 million will be financed with funds from IPG's revolving credit facility

* Payments from co will be made in several tranches over a period of approximately six to twelve months

* Construction of Greenfield facility is planned to begin in 2017 with commercial operations expected to commence in first half of 2019

* Greenfield manufacturing facility is expected to cost approximately $30 million Source text for Eikon: ID:nCCNb6MNVa Further company coverage: ITP.TO

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