IPL buys Encore Industries; announces $36M investment plan
November 11, 2016 by Manufacturing AUTOMATION
Nov. 11, 2016 – IPL, a North American manufacturer of injected moulded plastic products, has acquired Encore Industries, a producer of rigid plastic packaging products, for US$35 million.
Encore was founded in 1997 and operates three production and assembly facilities in the United States: Cambridge, Ohio; Forsyth, Ga., and Remer, Minn. Encore serves a wide customer base including large national manufacturers, retailers and distributors serving the coatings, marine and automotive sectors throughout North America.
The acquisition, made in collaboration with IPL’s parent company One51, and partners Caisse de dépôt et placement du Québec and the Fonds de solidarité FTQ, makes IPL the third largest player in America in the plastic injection molded products market.
“The acquisition of Encore is strategic for IPL and, both by the location of its facilities and by the type of products manufactured there,” said Luis De Jesus, IPL president and CEO. “Encore will allow us to offer a wider range of products to more customers in more places across North America, while ensuring the long-term future of IPL as a whole.”
“This transaction by IPL solidifies the important place it has in its industry in the North American market,” added Christian Dubé, executive vice president, Québec of Caisse de dépôt et placement du Québec. “It’s another clear example of a Quebec company that continues to grow through acquisitions, positioning itself more favourably to stand out in the global arena.”
IPL also announced an investment plan of CAD$36 million to expand its production capacity in both Canada and the United States to “meet strong customer demand” as well as enter new market segments in the U.S.
Established in 1939, IPL operates manufacturing plants in St-Damien, Que., Edmundston, N.B., and Lee’s Summit, Mo.
— With files from IPL Inc.