Cabarrus County Benefits from Intertape Polymer Groupís Facility Expansion
Expansion will add approximately $13.5 million in investment and 10 jobs
FOR IMMEDIATE RELEASE
Cabarrus Economic Development
Robert Carney, Executive Director
Intertape Polymer Group:
Cabarrus County Benefits from Intertape Polymer Group’s Facility Expansion
Expansion will add approximately $13.5 million in investment and 10 jobs
October 30, 2017 (TBD) – MIDLAND, NC – Intertape Polymer Group® Inc. (IPG), a global leader in packaging materials, has announced its plans to expand operations at its manufacturing facility near Midland, NC. The expansion will add approximately $13.5 million in investments and 10 jobs.
“As part of our strategic growth plan, IPG has engaged in, and will likely consider future, acquisitions, expansions, improvements in key facilities and locations. Midland, NC, with its outstanding workforce, represents the type of foundation onto which IPG will seek to build its growth strategy.” said Gregory Yull, President & Chief Executive Officer of IPG.
The Midland, NC manufacturing facility was built to add flexibility to IPG’s offering in the market. It is now slated for expansion to keep up with the expected demand for products produced in Cabarrus County. “I share the enthusiasm of the County Commissioners for the positive financial impact this expansion is expected to bring, but more importantly, the additional jobs this represents to the region,” added Mr. Yull
Cabarrus County Board of Commissioners supported and approved a 3-year performance-based tax incentive totaling $240,975.
"In a relatively short time, Intertape Polymer Group has made a home and found success here," said Cabarrus County Board of Commissioners Chair Steve Morris. "While we hear much about new industry, expansion announcements like this remind us of the thriving companies already doing business in Cabarrus County."
Salaries for the 10 new jobs at IPG are expected to exceed Cabarrus County’s average salary.
“IPG has truly hit the ground running. Even though production has just started, they have already reached their commitment for Phase 1 investments and job creation,” said Robert Carney, executive director of Cabarrus Economic Development. “They have been a phenomenal partner to work with, and we wish them continued success.”
Last year, IPG announced its plans to open a location in Cabarrus County. The operation would create 49 jobs and invest approximately $40 million. Currently, they have exceeded their investment.
IPG’s new expansion is expected to be completed in 2019.
About Intertape Polymer Group
Intertape Polymer Group Inc. (IPG) is a recognized leader 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. Headquartered in Montreal, Quebec and Sarasota, Florida, the Company employs approximately 2,450 employees with operations in 21 locations, including 14 manufacturing facilities in North America and one each in Europe and Asia.
For information about the Company, visit www.itape.com.
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (collectively, "forward-looking statements"), which are made in reliance upon the protections provided by such legislation for forward-looking statements. All statements other than statements of historical facts included in this press release, including statements regarding the expansion of the Company’s operations in its facility located near Midland, NC, including the expected amount of investments and created jobs; the Company’s strategic plan, including the goals included within the plan and the potential methods for meeting such goals; the workforce in Midland, NC; the demand for the product produced at the Company’s Midland, NC facility; the economic impact of this expansion on the Midland, NC region, including the additional jobs; the expected salaries for the new jobs; the overall amount of expected investment in this facility, and the related expected number of new jobs created; and the expected completion date of the expansion. These forward-looking statements are based on current beliefs, assumptions, expectations, estimates, forecasts and projections made by the Company's management. Words such as "may," "will," "should," "expect," "continue," "intend," "estimate," "anticipate," "plan," "foresee," "believe" or "seek" or the negatives of these terms or variations of them or similar terminology are intended to identify such forward-looking statements. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, these statements, by their nature, involve risks and uncertainties and are not guarantees of future performance. Such statements are also subject to assumptions concerning, among other things: the Midland, NC area economy and workforce; business conditions and growth or declines in the Company's industry, the Company's customers' industries and the general economy; the anticipated benefits from the Company's manufacturing facility closures and other restructuring efforts; the anticipated benefits from the Company's acquisitions and partnerships; the anticipated benefits from the Company's capital expenditures; the quality and market reception of the Company's products; the Company's anticipated business strategies; risks and costs inherent in litigation; the Company's ability to maintain and improve quality and customer service; anticipated trends in the Company's business; anticipated cash flows from the Company's operations; availability of funds under the Company's Revolving Credit Facility; and the Company's ability to continue to control costs. The Company can give no assurance that these estimates and expectations will prove to have been correct. Actual outcomes and results may, and often do, differ from what is expressed, implied or projected in such forward-looking statements, and such differences may be material. Readers are cautioned not to place undue reliance on any forward-looking statement. For additional information regarding important factors that could cause actual results to differ materially from those expressed in these forward-looking statements and other risks and uncertainties, and the assumptions underlying the forward-looking statements, you are encouraged to read "Item 3 Key Information - Risk Factors", "Item 5 Operating and Financial Review and Prospects (Management's Discussion & Analysis)" and statements located elsewhere in the Company's annual report on Form 20-F for the year ended December 31, 2016 and the other statements and factors contained in the Company's filings with the Canadian securities regulators and the US Securities and Exchange Commission. Each of these forward-looking statements speaks only as of the date of this press release. The Company will not update these statements unless applicable securities laws require it to do so.