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
/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/
CO: Tredegar Corporation; Tredegar Film Products Corporation; Plastar S.A.
ST: Virginia, Argentina
IN: CHM MNG TEX AGR
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0056 09/03/2004 10:00 EDT http://www.prnewswire.com