All amounts in this press release are denominated in US dollars unless otherwise indicated.
TaraTape revenue for the most recently completed fiscal year was approximately $20 million. The purchase price of $11.0 million was financed with funds from the Company’s revolving credit facility.
“We believe this acquisition in the filament tape industry will strengthen our market position mainly in filament tapes and provide many opportunities for operational synergies,” indicated Greg Yull, the Company's President and CEO. “This is our second acquisition this year which affirms our commitment to create value for our shareholders through our mergers and acquisitions program. As previously indicated, we intend to continue our pursuit of other strategic opportunities.”