Intertape Polymer Group Inc. has deferred an initial public offering of stock in the bulk packaging businesses it acquired in October.
The acquired Flexia Corp. and Fib-Pak Industries Inc. businesses make coated materials and polyolefin scrims, fabrics and flexible bulk containers in Canada. Intertape has been integrating the businesses into its engineered coated product lines. Intertape also planned to include its flexible bulk container import business in the IPO, which was to take the form of a Canadian income trust.
Intertape did not explain in a news release why it deferred the IPO, first announced in late December.
Company officials did not return telephone calls.
The deferral ``will give senior management the opportunity to devote their full attention to Intertape's business as a whole with the goal of improving Intertape's operating results from its first quarter as quickly as possible,'' Intertape interim Chief Executive Officer H. Dale McSween said in a May 24 news release.
Intertape will record a charge of about US$4.2 million for the fees and expenses incurred in the IPO project. The company has corporate offices in Montreal and Bradenton, Fla.