The deal is expected to close shortly. Terms were not disclosed.

Armacell said the deal boosts its position in the North American pipe insulation business, and adds water toys and backer rods to its business.

 “All of the product segments that ITP is active in – such as pipe insulation, backer rods and water toys – exhibit strong growth rates. The predicted rebound of the overall U.S. construction market and the strengthening of the U.S. dollar, which both have a significant impact on the company´s sales, make ITP an attractive investment for us," said Armacell International CEO Patrick Mathieu. "ITP possesses decades of technology know-how in the production of extruded polyethylene tubes and profiles. We are looking forward to having such an experienced team on board.”

Steve Hartman, president of Industrial Thermo Polymers Ltd., said he was excited by the agreement.

 "In Armacell ITP has found a successor with a global growth strategy, where it can leverage the production capabilities, specifically polyethylene extrusion, and know-how developed at ITP over the past 35 years,” he said. “ITP also offers Armacell a strategic foothold in the Canadian market place. I am excited and confident that it will build on what we have created and be a great home for our people."