Imaflex expands production capacity
by CM Staff
In connection with the equipment purchases, Imaflex has access to financing of $10 million.
MONTRÉAL — Imaflex Inc. says it has signed equipment purchase agreements over the past quarter for three new co-extrusion blown film lines or “extruders” to help meet demand for its products.
“In recent years Imaflex has seen consistent, profitable growth in its Canadian and U.S. operations,” said Joe Abbandonato, president and CEO of Imaflex.
“During this time, we have been upgrading all major extrusion lines in order to meet heightening market demand for enhanced film quality, which permits our converting customers’ equipment to run at ever increasing speeds. Simultaneously, and as forecasted, we successfully reached our goal of selling out the capacity of our higher margin 5-layer line. Demand has been so robust on the niche products we created for this line that we recently purchased three new co-extruders.”
In connection with the equipment purchases, Imaflex has access to financing of $10 million. The loans commence depending upon receipt of each extruder and the principal is to be repaid in 60 equal monthly installments. Currently, this financing would bear interest at 4.89 per cent, but the interest rate will fluctuate going forward depending on the timing the loans will be disbursed.
