BRIEF-Intertape Polymer Group agrees to buy majority ownership of Powerband

Fri Sep 2, 2016 8:12am EDT
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Sept 2 (Reuters) - Intertape Polymer Group Inc:

* Intertape Polymer Group enters agreement to acquire majority ownership of Powerband

* Purchase price of approximately $42 million

* Intertape Polymer Group says company expects that these acquired operations will be accretive to net earnings

* Execution of an agreement to acquire a 74% ownership stake in Powerband Industries Private Limited

* Rajan desai, managing director of Powerband, will continue to manage Powerband's operations, remain significant shareholder

* Powerband will remain headquartered in Daman, India

* Remaining 26% will continue to be held by Desai family which founded Powerbrand

* Deal will be financed with funds available under company's revolving credit facility Source text for Eikon: Further company coverage: