Sept 2 (Reuters) - Intertape Polymer Group Inc:
* Intertape Polymer Group enters agreement to acquire majority ownership of Powerband
* Purchase price of approximately $42 million
* Intertape Polymer Group says company expects that these acquired operations will be accretive to net earnings
* Execution of an agreement to acquire a 74% ownership stake in Powerband Industries Private Limited
* Rajan desai, managing director of Powerband, will continue to manage Powerband's operations, remain significant shareholder
* Powerband will remain headquartered in Daman, India
* Remaining 26% will continue to be held by Desai family which founded Powerbrand
* Deal will be financed with funds available under company's revolving credit facility Source text for Eikon: Further company coverage: ITP.TO