Page 70 - Plastics News December 2016

Business NEWS
Intertape Polymer to invest
US$20 mln in capacity
enhancement in India
The US-based Intertape Polymer Group Inc, 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
Pvt Ltd (a global supplier
of acrylic adhesive-based
carton sealing tapes and stretch films located in Daman),
in September this year. The remaining 26% stake 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
dominate 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 said “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 Inc 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 specialised 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
• December 2016 • Plastics News 70
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Innovative Tech Pack bags
packaging contract from
Dabur
The New Delhi-based Innovative Tech Pack Ltd (ITPL),
one of the leading players in the Indian plastic
packagingindustry,
has bagged a 5-year
contract from
Dabur India Ltd
for the supply of
PET for the FMCG
major’s plants in
India, Bangladesh
and Nepal. The company was awarded this contract as
one of the vendors among two under stiff competition
which was spearheaded by Accenture Consulting. ITPL
said in its release, "The company is heading in the
right direction of expanding its capacity which will
definitely improve the bottom line of the company in
the coming years. Dabur India is one of ITPL's major
customers who source PP caps & closures and jars in
HDPE. The agreement which is valid for five years, is
expected to fetch ITPL an assured business of Rs 400
crores over the next five years.
Borealis profit up 18%
Base chemicals specialist Borealis saw profits rise
18% year-on-year in the third quarter (Q3) of 2016
to €304m (£260m) boosted by
polyolefins sales. The Austria-based
firm announced a net profit of €304m
(£260m) in Q3 of 2016 compared to
€257m (£220m) in the same quarter
of 2015. The company said that its
base chemicals business also saw
an improved performance in Q3 of 2016 compared to Q3
2015, even though weak demand and low prices continue
to impact the fertiliser business. Borealis chief financial
officer Mark Tonkens said, “The third quarter of 2016 was
a strong result for us. We are really excited.” However
the firm saw turnover drop from €1.87bn (£1.6bn) in Q3
2015 to €1.75bn (£1.5bn).