Samuel Manu-Tech Inc., the parent company of Samuel Strapping Systems Group, said it signed a letter of intent to purchase certain assets of Gerrard-Ovalstrapping, Ovalstrapping Inc. and Plastex Extruders.

No financial details were released, but Samuel said the transaction could close within two months following due diligence and other conditions.

Samuel is buying Ovalstrapping’s strapping, graphic arts and industrial distribution business operations. Ovalstrapping will continue to operate its pulp and paper finishing businesses.

Samuel Manu-Tech said the acquisition of Ovalstrapping “is a vital step in continuing to build Samuel as a leader in the manufacturing and supply of industrial packaging products and systems.”

Samuel said the combined company will operate under the name Gerrard-Ovalstrapping.