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Tredegar Sells Films Business in Argentina
RICHMOND, Va., Sept. 3 /PRNewswire-FirstCall/ -- Tredegar Film Products Corporation, a subsidiary of Tredegar Corporation (NYSE: TG), announced that it has sold its films business in Argentina to Plastar S.A., a manufacturer of hygienic, agricultural and industrial films based in Buenos Aires, Argentina. Terms of the sale were not disclosed.
Thomas G. Cochran, president of Tredegar Film Products, said: "This divestiture is part of our ongoing effort to become more efficient as we expand sales of apertured, elastic and specialty products. Our Brazilian operations can meet demand for these products throughout Latin America at a lower overall cost."
Tredegar recognized a pretax charge of $2.7 million ($1.9 million after taxes or 5 cents per share) in the second quarter related to the expected loss on the sale.
Tredegar Film Products is a major supplier of apertured and elastic materials for use in personal care markets. Primary applications include diapers and feminine hygiene products. It also produces films for a variety of packaging and specialty markets. The subsidiary had sales of $366 million in 2003 and employs approximately 1,300 people at its production facilities in the U.S., South America, Europe and China.
Based in Richmond, Va., Tredegar Corporation is a global manufacturer of plastic films and aluminum extrusions. Tredegar is also developing and marketing bone graft substitutes through its Therics subsidiary.
SOURCE Tredegar Corporation -0- 09/03/2004 /CONTACT: Mitzi S. Reynolds of Tredegar Corporation, +1-804-330-1134, Fax: +1-804-330-1177, or firstname.lastname@example.org/ /Web site: http://www.tredegar.com/ (TG) CO: Tredegar Corporation; Tredegar Film Products Corporation; Plastar S.A. ST: Virginia, Argentina IN: CHM MNG TEX AGR SU: PM-TW -- DCF005 -- 0056 09/03/2004 10:00 EDT http://www.prnewswire.com