Intertape Polymer buys remaining Powerband stake

MONTREAL — Intertape Polymer Group announced it has exercised its option to acquire the outstanding interest in Powerband, of which it became majority owner last fall. The Desai family, which founded the Indian-based supplier of acrylic adhesive-based carton sealing tapes and stretch films in 1994, retained a 24% stake after the sale to IPG in September of 2017. Once the $9.9 million transaction satisfies Indian regulatory conditions, IPG will hold all issued and outstanding common shares of Powerband.