Intertape Polymer buys Maiweave LLC for $21 million

A Springfield, Ohio-based maker of woven polyethylene fabrics is being acquired by Intertape Polymer Group Inc. in a $21 million deal.

Maiweave LLC products include grain and salt covers, pit and pond liners, shelter fabrics, outdoor media and lumber mill packaging.

The company employs 75 at two facilities, IPG said.

“This acquisition is expected to provide us with an opportunity to consolidate a US-based engineered coated products manufacturer and expand the scale of our woven products offering. Maiweave has a strong, established customer base, long-term and dedicated employees, and locations in the Midwest and in the Southeast,” said IPG CEO Greg Yull said in a statement.

“We believe this acquisition will enhance our ability to service our US markets such as the strengthening building and construction, oil and gas, and outdoor media industries,” he continued.

Maiweave will generate approximately $25 million of revenue and approximately $2.5 million of adjusted earnings before interest, taxes, depreciation and amortization, said IPG, based in Montreal and Sarasota, Fla.

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» Publication Date: 17/12/2018

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