Intertape Polymer Group Inc. (IPG) announced it has acquired substantially all the operating assets of Maiweave LLC for total cash consideration of approximately $21 million, subject to certain post-closing adjustments.
Maiweave is a private company based in Springfield, Ohio, and an integrated U.S. manufacturer of engineered coated polyolefin fabrics that employs approximately 75 team members at two manufacturing facilities. Its products are used in applications such as geomembranes, grain and salt pile covers, pit and pond liners, shelter fabrics, outdoor media, and lumber mill packaging.
“This acquisition is expected to provide us with an opportunity to consolidate a U.S.-based engineered coated products manufacturer and expand the scale of our woven products offering,” said Greg Yull, president and CEO of IPG. “Maiweave has a strong, established customer base, long-term and dedicated employees, and locations in the Midwest and in the Southeast. We believe this acquisition will enhance our ability to service our U.S. markets such as the strengthening building and construction, oil and gas, and outdoor media industries. It also provides us an opportunity to backward-integrate manufacturing from our new Capstone facility [in India], which is nearing completion, as an alternative to third-party product that Maiweave is currently procuring from Asia.”