The US-based Intertape Polymer Group, which manufactures paper and film-based pressure-sensitive tapes for the packaging industry, is planning to invest US$ 20 million to strengthen its business and enhance capacity in India.
This announcement follows Intertape’s acquisition of controlling stake (74 %) in Powerband Industries, a global supplier of acrylic adhesive-based carton sealing tapes and stretch films located in Daman, in September this year. The remaining 26% state in Powerband is held by the Desai family which founded the company in 1994.
Intertape’s new investment plan involves capacity expansion of the Powerband plant in Daman as well as the construction of a greenfield facility in the country. With this, the company is aiming to grow its business beyond North America, where it has been a dominant player, to fast-growing Indian market, which is expected to witness manifold increase in packaging requirement.
Greg Yull, IPG’s president and chief executive officer, comments on the occasion of acquiring stake in Powerband in September 2016, “We believe that it is critical to IPG’s growth that we expand from being a primarily North American producer to becoming a greater participant in the global market. This transaction materially furthers IPG’s strategy to expand globally due, in part, to Powerband’s presence in virtually every significant global market, as well as providing IPG with the benefit of access to a low cost and high growth jurisdiction.”
Intertape Polymer Group is one of the leading players in the development, manufacture and sale of a variety of 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. The company employs approximately 2,200 employees with operations in 18 locations, including 12 manufacturing facilities in North America, one in Europe and one in India.