TORONTO — InnoMat Solutions Corp. signed a letter of intent to acquire 80 percent of thermoformer Plastik M.P. of Richmond, Quebec.
InnoMat, a Mississauga, Ontario, firm known as Stackpal International Inc. until early October, said it intends to invest C$1.8 million (US$1.3 million) to acquire the Plastik stake, fund new capital equipment and exploit a new technology license. InnoMat expected to finalize terms of the definitive agreement by Nov. 15.
InnoMat said in its Oct. 27 announcement that it signed a letter of intent with Thermoplastic Composite Design Inc. of Mims, Fla., under which InnoMat would be awarded a Canadian licence to use Thermoplastic Composite's new plastics processing technology. The licence would be awarded to InnoMat Manufacturing, a new subsidiary based on the former Plastik operation. InnoMat did not explain the new technology.
Plastik has two facilities totaling 61,000 square feet and employing 30 in Richmond. The 12-year-old firm is ISO 9002 registered and its customers include transportation and recreational products major Bombardier Inc., according to InnoMat. Plastik President and owner Michel Pelchat declined to elaborate on his company and the deal.
InnoMat offers a variety of materials-handling and protective packaging systems. Paul Kavanagh, chairman and chief executive officer, declined comment on the company and agreements until after the planned deals are finalized. InnoMat shares are quoted on the Canadian Dealing Network under the symbol INAT.
Thermoplastic Composite officials did not return telephone calls.