Intertape Polymer Group Inc. (IPG), Canada, announced plans to acquire substantially all of the assets of Canadian Technical Tape Ltd. (dba Cantech), a Canada-based supplier of industrial and specialty tapes, for approximately $63 million.

The Cantech acquisition will further enhance and extend the Intertape’s product offering, and provide additional distribution channels in Canada, the United States and Europe.

"We believe that Cantech represents a strong strategic fit with our existing product portfolio and operations. This acquisition should significantly reinforce our presence in our existing tape product lines and customer channels such as the building and construction and retail segments as well as provide access to new business segments. The Cantech team has impressed us with their achievements in the industry, and we are proud to welcome them to our team at IPG," says Greg Yull, IPG's president and CEO.