FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a - 16 or 15d - 16 of
the Securities Exchange Act of 1934
For the month of June, 2003
Intertape Polymer Group Inc.
110E Montee de Liesse, St. Laurent, Quebec, Canada, H4T 1N4
[Indicate by check mark whether the registrant files or
will file annual reports under cover of Form 20-F or Form 40-F.]
Form 20-F Form 40-F X
[Indicate by check mark whether the registrant by
furnishing the information contained in this Form is also
thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.]
Yes No X
[If "Yes" is marked, indicate below the file number
assigned to the registrant in connection with Rule
12g3-2(b): 82-______
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
INTERTAPE POLYMER GROUP INC.
Date: June 13, 2003
By: /s/ Andrew M. Archibald
Andrew M. Archibald, Chief
Financial Officer, Secretary,
and Vice President, Administration
INTERTAPE POLYMER GORUP INC. EXPECTS IMPROVED PERFORMANCE
- Plan to Buy Out Joint Venture Partner in Portugal as base
for European Market Growth
- Additional Cost Reductions Programs Announced
Montreal, June 11, 2003 - Intertape Polymer Group Inc. (NYSE, TSX: ITP)
Chairman and Chief Executive Officer, Melbourne F. Yull today said the
Company expects improved performance in 2003 through a combination of
new product development and on-going cost reduction initiatives which
will further strengthen the Company's balance sheet. Addressing the
annual and special meeting of shareholders, Mr. Yull stated: "We are
confident that we have laid the foundation for revenue and earnings
growth in 2003 and beyond."
EUROPEAN OPPORTUNITY
Mr. Yull announced at the meeting that Intertape Polymer Group (IPG)
has signed a letter of intent to purchase the interest of its principal
partner in its shrink film joint venture in Portugal, which was established
seven years ago. "This will enable us to take full advantage in Europe
of our advanced technology in the shrink film sector. By consolidating
ownership in Portugal under IPG we will now have complete control of the
manufacture and distribution of products, which should lead to better
and faster growth in Europe. Furthermore, we feel this is an excellent
opportunity to create a platform to manufacture our performance sensitive
pressure products for distribution in the European market."
The acqusition will be financed through the issuance of common shares
and is expected to be non-dilutive to shareholders. The transaction is
expected to close on or before June 30, 2003 subject to regulatory and
lender approvals.
A FOCUS ON COST REDUCTIONS
During the fourth quarter of 2002, IPG announced annualized operational
and restructuring initiatives totaling $17.5 million pre-tax. The full
impact of this program is expected to be felt in 2004. "We are looking
at all of our assets to more fully utilize them and reduce costs,"
commented Mr. Yull.
As part of this program, in late 2002 IPG announced it was shifting
production of its flexible intermediate bulk container (FIBC) business
to one centralized plant and closing two others. This past April
the Company also stated it plans to consolidate three existing
regional distribution centers into a single new facility in Danville,
Virginia.
Today, shareholders learned that additional savings beyond the previously
announced $17.5 million should result from measures to streamline IPG's
water-activated tape (WAT) business.
"With two WAT producing plants located in close proximity in Wisconsin,
the Company has determined that shifting capacity to a single location
will be more efficient and will eliminate duplicate costs. We are
currently working diligently with the employees of both plants and
other stakeholders to arrive at a plan which should affect the least
number of people and maximize the benefits to the Company. We expect
to have a program in place in the second half of this year," said Mr. Yull.
PRODUCT DEVELOPMENT
New product development should continue to drive volume and margin
growth through the current fiscal year. A number of breakthrough
products were hightlighted at the meeting, including specialty tapes,
insulation facing metal wrap and shelter fabrics. "We have a solid
understanding of our customers' needs and we possess the technology
to deliver the products they require. Our goal is to ensure that
Intertape continues to provide our customers with compelling reasons
to do business with us."
DEBT REDUCTION
Intertape remains committed to reducing debt by $29.3 million during
the current year. This includes $26.0 million in long-term bank debt
and $3.3 million to Senior Secured Noteholders. It is expected that
$19.3 million of the total amount will be completed by the end of June.
IPG also anticipates free cash flow in excess of $30.0 million during
2003.
Please note: All figures quoted are in U.S. dollars
ABOUT INTERTAPE POLYMER GROUP
Intertape Polymer Group is a recognized leader in the development
and manufacture of specialized polyolefin plastic and paper based
packaging products and complementary packaging systems for industrial
and retail use. Headquartered in Montreal, Quebec and Sarasota/Bradenton,
Florida, the Company employs approximately 2,600 employees with operations
in 19 locations, including 15 manufacturing facilities in North America
and one in Europe.
SAFE HARBOR STATEMENT
Certain statements and information included in this release constitute
"forward-looking statements" within the meaning of the Federal Private
Securities Litigation Reform Act of 1995. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors which
may cause the actual results, performance or achievements of the Company
to be materially different from any future results, performance or
achievements expressed or implied in such forward-looking statements.
Additional discussion of factors that could cause actual results to
differ materially from management's projections, estimates and expectations
is contained in the Company's SEC filings. The Company undertakes no duty
to update its forward-looking statements, including its earnings outlook.
FOR INFORMATION CONTACT: Melbourne F. Yull
Chairman and Chief Executive Officer
Intertape Polymer Group Inc.
Tel.: 866-202-4713
E-mail: itp@info@intertapeipg.com
Web: www.intertapepolymer.com