Luxembourg, March 16, 2015 – Armacell, a leader in flexible insulation foams for the equipment insulation market and a leading provider of engineered foams, announced today that it has successfully completed the acquisition of the business of Industrial Thermo Polymers Limited (ITP), a leading manufacturer of extruded polyethylene foam products in North America. The combination creates a leading manufacturer of polyethylene insulation foams on the North American continent.
“We are pleased and excited to welcome the employees of ITP into the Armacell family,” says Thomas Himmel, Vice President Americas and Engineered Foams for Armacell. “The acquisition of ITP supports our strategy to expand our manufacturing capability of polyethylene foam products. The Brampton facility will be the base for our future investment into manufacturing polyethylene terephthalate (PET) foam in North America.”
ITP was founded in 1980 and maintains headquarters in Toronto, Canada. Under the brand name ‘Tundra’, ITP manufactures products for a broad range of applications, including standard and self-sealing pipe insulation, insulating foam filler and water toys. In 2014, the company generated revenue of approx. C$ 30 million.