Intertape Polymer Group Inc., which makes packaging such as sealing tape and plastic wrap, plans to spin off its coated-products unit as an income trust as the company raises money to pay down debt. The unit, which makes polyethylene membrane fabrics used in event tents, will be combined and spun off with Flexia Corp. and Fib-Pak Industries Inc., both bought in October, Intertape said yesterday. Intertape said it will keep a "significant stake" in the trust. Intertape bought Flexia and Fib-Pak for $33.5-million to add new coated products and to cut costs by combining the businesses. Combined with the coated-products unit, the businesses had sales of $237-million for the year ended Sept. 30, the company said. ITP (TSX) rose 50 cents to $9.80. Bloomberg
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