SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of November, 2004
Commission File Number 1-10928
INTERTAPE POLMER 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 if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1): __________
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7): __________
Indicate by check mark whether by furnishing the information contained in this
Form, the registrant 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-______
The Information contained in this Report is incorporated by reference into
Registration Statement No. 333-109944
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: November 2, 2004 By: /s/Andrew M. Archibald
Andrew M. Archibald, C.A., CFO,
Secretary, Vice President
Administration
NYSE SYMBOL: ITP
TSX SYMBOL: ITP
Intertape Polymer Group Inc. Further Consolidates Operations
Announces Closing of Montreal, Quebec Facility
Montreal, Quebec and Bradenton, Florida - November 2, 2004 - Intertape Polymer
Group Inc. (NYSE, TSX: ITP) today announced that it is closing its Montreal,
Quebec manufacturing facility, another step in the Company's ongoing plan to
lower costs and effectively optimize inventory investment. Several operations
are currently performed at the Montreal facility, including production of hot
melt carton sealing tape, assembly and distribution of packaging machinery,
regional distribution for a variety of other products, customer service and
finance. Most of these operations will be transferred to other Company
facilities. However, in keeping with the Company's commitment to provide
superior service to its clients, the customer service, sales and finance
groups, which number about 70 employees, will remain in Montreal. In total,
the transfer of manufacturing and distribution operations will affect about 80
employees. The tape manufacturing operations are expected to be transferred
over the course of the next three months and should be completed in January
2005.
"The Montreal plant is the Company's original manufacturing facility and
operates in two side-by-side buildings that cannot be combined," said
Intertape Polymer Group Inc. (IPG) Chairman and Chief Executive Officer,
Melbourne F. Yull. "The Company's capacity will not be lowered due to the
benefits of recent initiatives to increase output in other sites." Mr. Yull
added: "We have excellent employees in Montreal and it is unfortunate, due
to site limitations, that the operation cannot be consolidated and expanded."
There will be one-time charges of approximately $5.1 million associated with
this closure, of which $4.0 million is non-cash. These charges will be booked
in the fourth quarter of 2004. Combined with the one-time charges associated
with the Cumming facility closing, there will be approximately $8.0 million
of one-time charges in the fourth quarter of 2004, of which $4.7 million is
non-cash.
"The Company expects to realize annualized cost savings of approximately $4.7
million," said IPG's Chief Financial Officer, Andrew M. Archibald, C.A.
"Combined with the expected cost savings from the recently announced closure
of our Cumming, Georgia facility, these initiatives are expected to yield about
$6.3 million in annualized cost savings. These cost savings will start to be
generated in the first quarter of 2005, and the full impact on an annualized
basis is expected to be realized starting in the third quarter of 2005."
About Intertape Polymer Group
Intertape Polymer Group is a recognized leader in the development and
manufacture of specialized polyolefin plastic and paper based packaging
products and complementary packaging systems for industrial and retail use.
Headquartered in Montreal, Quebec and Sarasota/Bradenton, Florida, the Company
employs approximately 2,600 employees with operations in 16 locations,
including 12 manufacturing facilities in North America and one in Europe.
Safe Harbor Statement
Certain statements and information included in this release constitute
"forward-looking statements" within the meaning of the Federal Private
Securities Litigation Reform Act of 1995. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the Company to be
materially different from any future results, performance or achievements
expressed or implied in such forward-looking statements. Additional
discussion of factors that could cause actual results to differ materially
from management's projections, estimates and expectations is contained in
the Company's SEC filings. The Company undertakes no duty to update its
forward-looking statements, including its earnings outlook.
FOR INFORMATION CONTACT: Melbourne F. Yull
Chairman and Chief Executive Officer
Intertape Polymer Group Inc.
Tel.: 866-202-4713
E-mail:itp$info@intertapeipg.com
Web: www.intertapepolymer.com