Intertape Polymer, $12.45, symbol ITP on Toronto (Shares outstanding: 60.0 million; Market cap: $758.8 million; www.intertapepolymer.com), develops and makes a variety of tapes, woven fabrics and packaging systems. It has 11 plants in North America and one in Europe.
Excluding one-time items, Intertape earned $15.0 million, or $0.25 a share, in the three months ended March 31, 2013. That’s up sharply from $8.8 million, or $0.14 a share, a year earlier. Sales fell 1.1%, to $196.7 million from $198.9 million, but the company sold more premium, high-profit-margin products.
The company closed its Richmond, Kentucky, plant in late 2012 and consolidated shrink wrap production at its Tremonton, Utah, facility. This will cut its costs by about $5 million this year and $6 million annually starting next year.
Intertape now plans to move its Columbia, South Carolina, plant to a new facility with state-of-the-art equipment. This will cost between $48.6 million and $56.6 million. However, it expects the move to save it $13 million a..
Privacy Policy and Terms of Use
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Changes to this Policy
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