Quebec firm IPL Plastics sold to Irish interests

Quebec firm IPL Plastics sold to Irish interests

Saint-Damien Quebec) 6 July 2015 – Quebec’s successful plastics producer IPL was sold last week for $280 million to a company based in Ireland called One51. IPL was founded by the Métivier family in 1939 in Saint-Damien de Buckland, a small community about two hours south-east of Quebec City. The company also has two other plants in Edmunston, NB and Lee’s Summit in Missouri and employs 800 people in total.

The financing for the purchase of the company came from several different sources. One51 put up $90 million, La Caisse de Depot de Quebec, $50 million, le fonds de solidarité FTQ $30 million and Investissement Québec contributed another $10 million. The rest of the money, $100 million, came through bank financing.

The mayor of Saint-Damien who was aware of the upcoming sale, is pleased with the transaction stating that it will probably mean the company will be able to find new markets in Britain and China allowing the company to expand, which can only be a good thing for his town. So far, the three plants and the existing employees should all remain where they are.

As for acquiring IPL, One51’s CEO Alan Walsh said he was excited with the products IPL manufactures and hopes to be able to sell those products to a bigger and wider audience.

IPL makes injected plastic products for industrial packaging and food shipping. They once held the contract for making the Bonhomme figurine for the Carnaval de Quebec.

Categories: Business, News

About Author

Quebec News in English

News from across Quebec. For more Quebec news, business, politics, sport, entertainment, opinion pieces, events and other information please visit our social media accounts: Facebook: facebook.com/lifeinquebec Twitter: twitter.com/lifeinquebec

Write a Comment

Only registered users can comment.