MONTREAL - Intertape Polymer Group Inc. raised about C$58.5 million (US$41.6 million) through a common share issue in Canada and the United States. The Montreal-based packaging firm will use about C$23 million (US$17.2 million) of the proceeds to finance its recently announced entry into stretch film production.
It said it will use the rest to reduce debt and expand working capital.
Intertape said that it issued 1.5 million shares from treasury to an underwriting group led by First Marathon Securities Ltd. of Toronto. The underwriters will have an option to purchase another 225,000 shares to cover overallotments. Intertape set the share price in the offer at C$39 (US$29.21).
Intertape trades on the Toronto and American stock exchanges and has filed its stock-offer prospectus in Canadian and U.S. markets.
Molder Duo expands with 3 HPM presses
FARMINGTON, MINN. - Duo Products Inc. recently expanded its Farmington custom injection molding operations with the addition of three HPM presses.
Two of the presses have clamping forces of 220 tons and one has 400 tons of clamping force.
The company now has 30 injection presses, with clamping forces of 75-700 tons. Duo also has three blow molding machines it added during the past two years.
Duo President Paul Silvernagel said the company has invested more than $2.5 million in new equipment since 1993.
The firm started as an injection molder, but added blow molding after two of its customers requested it.
Duo can integrate the two processes; it now makes one toy product that contains three injection molded components and one blow molded part.
Duo offers services from design engineering through production, assembly and packaging for the toy, plumbing, medical products, security device and consumer products industries. The firm operates in a 77,000-square-foot facility and employs 125.
Auto supplier Fawn expands sales office
HUNT VALLEY, MD. - Fawn Industries Inc., an automotive supplier specializing in decorative injection molding, expanded its sales and engineering office in Allen Park, Mich., increasing its staff at the location from four people to 10.
Fawn, headquartered in Hunt Valley, said the Michigan office will support its automotive business with sales, engineering and computer-aided design services. The company, with 800 employees and $60 million in sales, draws about 90 percent of its revenue from the automotive sector.
Fawn has manufacturing plants in Middlesex, N.C., and Maryville, Tenn.
M.C. Gill qualifies replacement panels
EL MONTE, CALIF. - M.C. Gill Corp. qualified 11 types of flooring panels for original equipment and replacement parts in passenger and cargo compartments of Boeing Co. series-700 commercial aircraft.
``Ours is the only company qualified [to supply the panels] to all three original equipment manufacturers,'' said Stephen E. Gill, president and chief executive officer.
McDonnell Douglas Corp. and Airbus Industrie are the other aircraft OEMs.
M.C. Gill in El Monte makes versions of the flooring panels with unidirectional, carbon-fiber-reinforced phenolic facings or fiberglass-reinforced epoxy facings that are bonded to a core of Nomex or aluminum honeycomb.
Previously, the firm qualified to supply cargo liners under three other Boeing materials specifications.