Business News

Intertape Polymer Responds to Current Economic Conditions

Wednesday 10. December 2008 - Intertape Polymer Group Inc. ("Intertape" or the "Company")(TSX:ITP)(NYSE:ITP) today announced measures to further reduce costs in light of the continuing challenging global financial crisis.

The Company’s workforce is being reduced by 152 people from the previous total of 2100. Intertape is extending the holiday shutdown period by an additional week across all of its facilities. Essential services will be maintained. The Company has also reviewed all third party contracts and fees. A number of services have been brought in house and existing fee arrangements have been modified, resulting in significant cost reductions.

“We are taking these necessary and proactive steps, as unfortunate as some are, as we continue our focus on cash management and lean operations,” stated Executive Director Melbourne F. Yull. “As previously announced, fourth quarter sales are expected to decline from third quarter levels.

“Nonetheless, we are encouraged with the prospects for 2009. Several new, high-margin products have been developed in-house and have been introduced over the past few months. The additions are in all of our sectors, many in new markets which positions the Company to benefit from further opportunities,” concluded Mr. Yull.