RICHMOND, Va.--(BUSINESS WIRE)--Nov. 21, 2012--
Tredegar Corporation (NYSE:TG) announced today that it has sold its
mitigation banking business, Falling Springs, LLC, for approximately $16
million to Arc Ventures, LC, a Virginia limited liability company
affiliated with John D. Gottwald, a member of Tredegar’s Board of
Directors. The purchase price paid to Tredegar Corporation is comprised
of cash and shares of common stock of Tredegar Corporation owned by Arc
Ventures, LC.
Nancy Taylor, Tredegar’s president and chief executive officer, said,
“The divestiture of our mitigation banking business is consistent with
our strategy to drive for profitable growth through investment in our
manufacturing businesses and acquisitions that fit our core
competencies.”
MidSpan Partners acted as exclusive adviser to Tredegar in this
transaction.
About Tredegar Corporation:
Tredegar Corporation is primarily a manufacturer of plastic films and
aluminum extrusions. A global company headquartered in Richmond,
Virginia, Tredegar had 2011 sales of $798 million. With approximately
2,000 employees, the company operates manufacturing facilities in North
America, South America, Europe, and Asia. Additional information
regarding Tredegar Corporation is available at www.tredegar.com.
FORWARD-LOOKING AND CAUTIONARY STATEMENTS
“Safe Harbor” Statement under the Private Securities Litigation Reform
Act of 1995: This news release contains forward-looking statements
regarding Tredegar Corporation’s business. These forward-looking
statements are not historical facts, but statements that involve risks
and uncertainties. Actual results could differ materially from those
included in or implied by these forward-looking statements. Accordingly,
you should not place undue reliance on these forward-looking statements.
Factors that may cause actual results to differ materially from those
contemplated by these forward-looking statements include the factors
discussed in the reports Tredegar files with or furnishes to the
Securities and Exchange Commission (the “SEC”) from time-to-time,
including the risks and important factors set forth in additional detail
in “Risk Factors” in Part I, Item 1A of Tredegar’s 2011 Annual Report on
Form 10-K filed with the SEC. Readers are urged to review and consider
carefully the disclosures Tredegar makes in its filings with the SEC.
Except as required by applicable law or regulations, Tredegar does not
undertake, and specifically disclaims any obligation, to update or
revise any forward-looking statement.
Source: Tredegar Corporation
Tredegar Corporation
Neill Bellamy, 804-330-1211
Fax:
804-330-1777
neill.bellamy@tredegar.com
www.tredegar.com
