Intertape Polymer Group Inc. Announces the Closing of the Acquisition of Central Products Company From Spinnaker Industries Inc

Business Wire, August 11, 1999

MONTREAL--(BUSINESS WIRE)--Aug. 10, 1999--

Intertape Polymer Group Inc. (TSE:ITP.)(AMEX:ITP) Tuesday announced the closing of the acquisition for 100 percent of Central Products Co. (CPC) stock, a former affiliate of Spinnaker Electrical Tape Company (SETco) which was also acquired from Spinnaker Industries Inc. on July 30, 1999.

CPC manufactures both pressure-sensitive and water activated carton-sealing tapes, primarily for industrial distributors.

Intertape products are provided through a variety of delivery channels including industrial distributors. Melbourne F. Yull, Intertape's chairman and chief executive officer stated, "This acquisition is in line with our mission to become the most valued source in each of our key markets, including IPG's distributor channels. The addition of CPC strengthens Intertape's presence in the packaging industry, and we feel our shareholders will benefit from continuing focus on our strategic goals."

As announced on Aug. 3, 1999, IPG's performance during the second quarter of 1999 showed continuing strong revenue growth and earnings.

Andrew M. Archibald, Intertape's chief financial officer stated, "Through its long-term growth and strategic acquisition programs, Intertape has more than doubled its revenue and earnings every three years since 1992. Intertape now employs more than 3,000 people with this latest acquisition."

Intertape Polymer Group is a global packaging company, specializing in the development and manufacturing of plastic and paper based packaging products and systems for industrial uses. The company is based in Montreal, Canada and Sarasota, Fla. With the completion of this acquisition, IPG will own manufacturing facilities in 16 North American and one European location.

Except for historical information contained herein, statements in the release are forward-looking statements that are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the company's actual results in future periods to differ materially from forecasted results. Those risks include, but are not limited to, risks associated with pricing, volume and conditions of markets. Those and other risks are described in the company's filings with the Securities and Exchange Commission (SEC) over the last 12 months, copies of which are available from the SEC or may be obtained upon request from the company.