MONTREAL, March 28, 2019 /CNW/ - IPL Plastics Inc. ("IPL Plastics" or the "Company") (TSX: IPLP) today announced the closing of its acquisition of 100% of Loomans Group N.V. ("Loomans") for a total consideration of US$85.5 million (€75.0 million). The transaction was financed from the Company's existing cash resources and credit facilities.
The earnings accretive acquisition of Loomans diversifies IPL Plastics' geographic footprint, adding new capacity and capabilities to serve a broader customer base. Loomans is a well invested company and has a long-established position in continental Europe which provides IPL Plastics with a strong platform for future growth in this region. Loomans will be integrated into the Company's Consumer Packaging Solutions business.
About IPL Plastics
IPLP is a leading sustainable packaging solutions provider primarily in the food, consumer, agricultural, logistics and environmental end-markets operating in Canada, the U.S, the U.K., Ireland, China and Mexico. IPLP employs approximately 2,000 people and has corporate offices in Montreal and Dublin. For more information, please visit the Company's website at www.iplpgroup.com.
Forward Looking Statements
This press release may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements include all matters that are not historical facts. These forward looking statements may be identified by the use of forward looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. This information reflects the Company's current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company's control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under "Risk Factors" in the Company's MD&A dated March 15, 2019. This information is based on the Company's reasonable assumptions and beliefs in light of the information currently available to it and the statements are made as of the date of this press release. The Company does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law or regulatory authority. The Company cautions that the list of risk factors and uncertainties is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions associated with these statements carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. See "Forward-looking Information" and "Risk Factors" within the Company's MD&A for a discussion of the uncertainties, risks and assumptions associated with these statements.
SOURCE IPL Plastics Inc.
For further information: Investor Enquiries, Paul Meade, Head of Investor Relations, +353 87 0655368, www.iplpgroup.com; Media Enquiries, Canada: Phil Koven, Bay Street Communications, +1 647 496 7858; Ireland: Tom McEnaney, McEnaney Media, +353 87 2222 666