DON MILLS, ONTARIO — The joint venture owners of Ipex Inc., a top-10 plastic pipe maker in North America, plan to offer part of the company on Canada's stock exchanges.
Ivaco Inc. of Montreal and Scepter Holdings Inc. of Scarborough, Ontario, each own 50 percent of Ipex. After the initial public offering — on a date to be named later — each parent will hold one-third of Ipex. The shares will not be registered with the U.S. Securities and Exchange Commission, and will not be offered in the United States.
An Ipex official said he could not comment on the imminent IPO because of securities rules.
In a recent news release announcing the IPO, company officials said Don Mills-based Ipex reported total 1997 sales of US$275 million, $195 million of which were related to extruded plastics. The company ranked 14th in Plastics News' recent survey of all North American extruders and seventh among pipe extruders.
Ivaco is a leading Canadian steel company. Scepter is a private investment firm that owns blow molder Scepter Manufacturing Co. Ltd. and a number of other firms.
The two parents, which had operated separate pipe and fittings operations, gave birth to Ipex in 1992. Ipex produces a variety of PVC, ABS, polyethylene and chlorinated PVC products. Its Kitec line of pipe for residential plumbing boasts an aluminum core with PE extruded on both the interior and exterior.