Spinnaker Sells Industrial Tape Business to Intertape
DALLAS — Spinnaker Industries Inc. agreed to sell its two industrial tape business units to Intertape Polymer Group Inc., Montreal, for approximately U.S. $105 million and 300,000 seven-year warrants to purchase Intertape common shares at a price of U.S. $35 each.
The two subsidiaries are Central Products Co., acquired from Alco Standard in 1995, and Spinnaker Electrical, a pressure sensitive electrical tape business acquired from tesa tape, inc., in 1998. Central Products, a leading manufacturer of carton-sealing and other industrial tapes, has manufacturing facilities in Menasha, Wis., and Brighton, Colo. Spinnaker Electrical’s single plant is in Carbondale, Ill.
The sales are part of a plan to seek strategic alternatives, announced in November 1998.