TORONTO - Samuel Manu-Tech Inc. has reached a definitive agreement to buy the plastic and steel strapping operations of Interlake Corp. of Lisle, Ill. Toronto-based Samuel Manu-Tech said it expects to complete the offer in October. It made an unsolicited offer July 31 for the Interlake businesses. Interlake said then that it preferred the offer over one made in April by A.J. Gerrard & Co. of Des Plaines, Ill. Officials did not release terms of the agreement, which is subject to certain conditions.
Plastic strapping accounts for about half of the Interlake businesses' $141 million in annual sales. Interlake makes polypropylene and PET strapping in Fountain Inn, S.C., and distributes plastic strapping in Europe from its Pakseal operation in England.