Intertape Polymer in Indian venture

MONTREAL — Intertape Polymer Group has announced an agreement to acquire a majority stake in Capstone, a newly-formed enterprise in India, which is expected to lead to a greenfield investment by Capstone. The partnership will provide IPG with a supply of certain woven products. IPG will be partnering with the current shareholders of Capstone, who are also the shareholders and operators of Airtrax Polymers. Airtrax manufactures and sells woven products that are used in various applications, including in the building and construction industry. IPG has agreed to ultimately acquire a minimum of a 55% interest in Capstone for a cash consideration of approximately $13 million.