Intertape Polymer Group Inc. (IPG) recently released results for its first quarter ended March 31, 2022. Revenue increased 17.6% to $406.4 million, primarily due to the impact of higher selling prices in tape, film, woven, and protective packaging products driven by increases in the cost of many raw materials and freight.
“The demand environment for our packaging and protective solutions remained strong through Q1 2022 and continues into Q2 as demonstrated by our revenue growth and ability to protect our dollar contribution spread with price increases,” said Greg Yull, president and CEO. “The rapid rise in the cost of raw materials during the past 18 months resulted in price increases of approximately $70 million in Q1 2022 compared to the same period last year for total revenue of more than $406 million. The global supply chain challenges and isolated labor constraints at specific manufacturing facilities impacted our volume/mix growth despite the strong demand.
“The team has done a great job in a difficult environment ensuring we meet the needs of key customers, secure sufficient supply of raw materials and operate the assets safely in a healthy environment. The improvements we have made during the past five years through efficiencies, capital investments and acquisitions provide a foundation for growth. We are in a great position with the team, the experience, and the strategy to meet demand with our world class, low cost manufacturing assets.”
IPG also announced that the Superior Court of Québec has issued a final order approving its previously announced acquisition by an affiliate of Clearlake Capital Group, L.P. Subject to the satisfaction or waiver of the remaining conditions to closing, the acquisition is expected to close early in the third quarter of 2022.
For additional information, visit www.itape.com.