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Tredegar buys speciality plastics maker Terphane for $188 million

Published: 17:36 17 Oct 2011 BST

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Tredegar (NYSE:TG) said on Monday that it agreed to buy privately-held Terphane Holdings LLC, a maker of polyester films for $188 million.

The Richmond, Virginia-based plastics and aluminum extrusion maker said it plans to fund the deal with available cash and a line of credit of $300 million.  

Tredegar anticipates the transaction to be accretive inside the first year, following the acquisition.

Terphane, which runs operations in Brazil and the US, is currently owned by international investment firm Vision Capital. It had revenues of about $160 million as of June 30, Tredegar said in a statement.
Polyester films have specialized properties, such as heat resistance and barrier protection, which make them uniquely suited for the fast-growing flexible packaging market.

The deal is subject to customary closing conditions and regulatory approval, and should close later this month. 

Tredegar mainly makes plastic films and aluminum extrusions and generated sales of $740 million last year. With about 2,000 employees, the company runs manufacturing plants in North America, Europe, South America and Asia.

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