UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): February 2, 2006
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Tredegar Corporation |
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(Exact Name of Registrant as Specified in its Charter) |
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Virginia |
1-10258 |
54-1497771 |
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(State or Other Jurisdiction |
(Commission File Number) |
(IRS Employer Identification No.) |
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1100 Boulders Parkway Richmond, Virginia |
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23225 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
Registrant’s telephone number, including area code: (804) 330-1000
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.05 Costs Associated with Exit or Disposal Activities.
On February 2, 2006, Tredegar Corporation (“Tredegar”) announced that its Tredegar Film Products Corporation subsidiary will close its plant in LaGrange, Georgia. The plant is scheduled to close by May 1, 2006. Tredegar has concluded that this project will result in severance charges arising from the termination of employees and certain asset impairments under generally accepted accounting principles.
On February 2, 2006, Tredegar issued a press release announcing the closing of the LaGrange plant. A copy of the release is filed as Exhibit 99.1 to this current report on Form 8-K and is incorporated herein by reference. The release provides additional details regarding the expenses, charges and impairments and the facts and circumstances leading thereto with respect to the transaction described above.
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Item 2.06 |
Material Impairments. |
The information required by this item is included in Item 2.05 and incorporated herein by reference.
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Item 9.01 |
Financial Statements and Exhibits. |
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(c) |
Exhibits. |
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99.1 |
Press Release, dated February 2, 2006. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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TREDEGAR CORPORATION | |
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Date: February 3, 2006 |
By: |
/s/ D. Andrew Edwards |
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D. Andrew Edwards |
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Exhibit 99.1
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Tredegar Corporation |
Contact: |
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Corporate Communications |
Mitzi S. Reynolds |
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1100 Boulders Parkway |
Phone: 804/330-1134 |
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Richmond, Virginia 23225 |
Fax: 804/330-1177 |
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E-mail: invest@tredegar.com |
E-mail: mitzireynolds@tredegar.com | ||||
Web Site: www.tredegar.com
FOR IMMEDIATE RELEASE
TREDEGAR CLOSING FILMS PLANT IN LAGRANGE, GEORGIA
RICHMOND, Va., February 2, 2006 -- Tredegar Corporation (NYSE:TG) announced that its Tredegar Film Products Corporation subsidiary will close its plant in LaGrange, Ga. The plant, which employs 76 people, is scheduled to close by May 1, 2006. The facility has been for sale since early 2005. Efforts to find a suitable buyer have been unsuccessful.
Tredegar expects to recognize charges related to the shutdown of $3.8 million ($2.3 million after taxes or 6 cents per share), including fixed asset impairment charges of $1.6 million and other shutdown-related costs of $2.2 million. The company anticipates recognizing charges of $2.1 million ($1.3 million after taxes or 3 cents per share) in the fourth quarter of 2005. Most of the remaining charges are expected to be recognized in the first half of 2006.
The LaGrange facility had sales of commodity blown films of approximately $20 million in 2005 and was operating at about the break-even level.
Nancy M. Taylor, president of Tredegar Film Products, said: “This was a difficult decision to make and we regret the impact this decision will have on our employees in LaGrange. Eligible employees will be offered severance and outplacement services.”
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 $456 million for the last twelve months ended September 30, 2005 and employs approximately 1,200 people at its production facilities in North America, South America, Europe and Asia.
Based in Richmond, Va., Tredegar Corporation is a global manufacturer of plastic films and aluminum extrusions.
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PLANT CLOSING, page 2
FORWARD-LOOKING AND CAUTIONARY STATEMENTS
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995:
This news release may contain “forward-looking statements” regarding Tredegar Corporation’s business. These statements are not historical facts, but statements that involve risks and uncertainties. Actual results could differ materially from those included in these forward-looking statements. For a discussion of such risks and uncertainties, see “Forward-looking and Cautionary Statements” in the company’s Annual Report on Form 10-K for the most recently ended fiscal year.
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