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 December, 2005
Commission File Number 1-10928
INTERTAPE POLYMER GROUP INC.
9999 Cavendish Blvd., 2nd Floor, St. Laurent, Quebec, Canada, H4M 2X5
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: December 20, 2005 By: /s/Andrew M. Archibald
Andrew M. Archibald, C.A.,
CFO and Secretary
NYSE SYMBOL: ITP
TSX SYMBOL: ITP
Intertape Polymer Group Inc. to Pursue the Spin-Off
of its Engineered Coated Products Operations
Montreal, Quebec and Bradenton, Florida - December 20, 2005 - Intertape Polymer
Group Inc. (NYSE, TSX: ITP) ("Intertape" or the "Company") today announced its
intention to pursue a spin-off of substantially all of its engineered coated
products and flexible intermediate bulk containers bag import operations (the
"Coated Products Operations"), combined with the operations of Flexia
Corporation and Fib-Pak Industries Inc., both of which had been acquired by
the Company's subsidiary Intertape Polymer Inc. on October 5, 2005 (Intertape's
Coated Products Operations and the operations of Flexia Corporation and Fib-Pak
Industries Inc. being collectively referred to herein as the "Business").
For the 12-month period ended September 30, 2005, Intertape's Coated Products
Operations generated sales of approximately C$120.0 million and Flexia
Corporation and Fib-Pak Industries Inc. generated sales of approximately
C$117.0 million for a combined total of approximately C$237.0 million in sales
during such period.
Intertape intends to proceed with an initial public offering of the Business
through an income trust structure. A preliminary prospectus in respect of the
offering is expected to be filed in the first quarter of 2006. Following the
closing of the offering, it is anticipated that Intertape would retain a
significant interest in the Business. The amount of cash generated from the
offering will be dependent on the pricing and successful completion of the
offering. Intertape anticipates using the cash proceeds from the offering
primarily to reduce its outstanding indebtedness with the balance, if any, to
be used for general corporate purposes, including working capital.
Melbourne F. Yull, Chairman and CEO of Intertape, commented that "the spin-off
of this Business into an income trust is expected to create value for
Intertape's shareholders by (i) improving the financial flexibility of
Intertape as a result of using IPO proceeds to pay down a substantial amount
of debt, and (ii) improving the growth prospects for both Intertape and the
Business, of which Intertape will retain a significant stake, through access
to additional and alternative sources of capital to fund growth."
Intertape's intention to proceed with the offering is subject to its ability
to obtain all required regulatory approvals and third party consents in
connection with the offering, as well as the existence of favourable market
conditions for such an offering.
Intertape also intends to file a notice of intention to implement a normal
course issuer bid, subject to its obtaining all required regulatory approvals
in connection therewith, including the approval of the Toronto Stock
Exchange. Intertape believes that the purchase by it of its own common
shares may, in appropriate circumstances, be a responsible investment of
available funds on hand.
About Intertape Polymer Group
Intertape is a recognized leader in the development and manufacturing 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 3,000 employees with operations in 19 locations, including 14
facilities in North America and one in Europe.
Caution Regarding Forward-Looking Information
This press release may contain certain forward looking statements. In some
cases, forward-looking statements can be identified by terminology such as
"may", "will", "intend", "should", "expect", "plan", "anticipate", "believe",
"estimate", "predict", "potential", "continue" or the negative of these terms
or other comparable terminology. Such statements constitute "forward-looking
statements" within the meaning of the Federal Private Securities Litigation
Reform Act of 1995 and are made pursuant to the "safe harbour" provisions of
US securities legislation. Forward looking statements involve significant
risks and uncertainties and should not be read as guarantees of future
performance or results and will not necessarily be accurate indications as to
whether or not such results will be achieved. A number of factors could cause
actual events or results to differ materially from the results discussed in
the forward looking statements. In evaluating these statements, readers
should specifically consider various factors mentioned in Intertape's public
securities filings that could cause actual results to differ materially from
management's projections, estimates and expectations. While such
forward-looking statements reflect current beliefs of management and are
based upon what management believes to be reasonable assumptions, there can
be no assurance that actual results will be consistent with these forward
looking statements. These forward looking statements are made as at the date
of this press release and Intertape does not assume any obligation to
update or revise them to reflect new events or circumstances.
FOR INFORMATION CONTACT: Melbourne F. Yull
Chairman and Chief Executive Officer
Intertape Polymer Group Inc.
Tel.: 866-202-4713
E-mail:itp$info@itape.com
Web: www.intertapepolymer.com