Intertape Polymer Group COVID-19 Update
- North American and European facilities operational and servicing essential end markets -
MONTREAL and SARASOTA, Fla., April 08, 2020 (GLOBE NEWSWIRE) -- Intertape Polymer Group Inc. (TSX:ITP) (“IPG” or the “Company”) today provided an update on its operations during the coronavirus
COVID-19 (“COVID-19”) pandemic. The Company’s North American and European manufacturing operations are open and producing as a result of the essential nature of the end markets it serves.
“Safety is our highest priority. As such, we are committed to ensuring a safe work environment for our employees, as well as their safety once they return home to their family,” said Greg Yull, President and CEO of IPG. “Our employees at the manufacturing facilities are performing work that is critical to the integrity of the supply chain for our end users that provide essential goods and services. The layout of our manufacturing lines allows for social distancing, we are regularly interviewing employees prior to entry and we have increased the cleaning and sanitization of the equipment and facilities.”
“In terms of demand indicators, two of our top four end markets are food & beverage and e-commerce which are critical categories in the face of this pandemic,” continued Mr. Yull. “Ensuring our end users, and their customers, have uninterrupted access to the supply chain is paramount. At this time, we believe we have performed to plan on our revenue in the first quarter of 2020 which is also in line with the same period in 2019. We expect sales into food & beverage and e-commerce markets to hold up well as we move into the second quarter. We will continue to monitor our other end markets that could be more susceptible to softness, but at this time we are not seeing a trend of significant weakness and we have a good open order position as we begin the second quarter. As a result, at this time we are not changing our financial outlook.”
The Company conducted a detailed review of its product offering as well as the regional requirements under which each facility operates. IPG intends to continue its North American and European manufacturing operations as it believes the vast majority of its businesses qualify as essential under the applicable orders and guidelines. Those areas deemed non-essential, which are immaterial to the overall business, have been temporarily discontinued until the applicable orders are lifted. In India, IPG’s four facilities adhered to the complete shutdown announced on March 24th by the Indian government. One of its four facilities has since re-opened and is producing carton-sealing tapes due to the essential nature of those products. The Company anticipates that a second facility could re-open in the near term.