MONTREAL — Intertape Polymer Group Inc. gradually will transfer its production of flexible intermediate bulk containers outside Canada and the United States because of eroded selling prices.
Imports of the containers, based on woven polyolefin strips, have risen over the past several years, while U.S. and Canadian manufacturing costs have increased, the Montreal firm said in a news release. It did not disclose where it will set up new production but it said it will continue to supply some customers from ``a domestic source.''
Intertape took a pre-tax charge of C$27.1 million (US$19.1 million ) in the quarter ended Dec. 31 to cover restructuring of its intermediate bulk container operations. The charge led to an after-tax loss of C$9.8 million (US$6.9 million) in the fourth quarter, compared with a profit of C$7.7 million (US$5.4 million) in the year-earlier period.