The Film Products subsidiary of Tredegar Corp., a processor of thermoplastic films and aluminum extrusions, has acquired Terphane Holdings LLC, an extruder of bi-oriented polyester (BOPET) films with operations in Brazil and the United States. Terphane will be operated within Tredegar Film Products, and the current management team at Terphane will continue to run its operations.
Tredegar paid about $188 million to buy Terphane from equity investor Vision Capital, funding the acquisition with cash on hand and financing secured from an existing $300 million credit facility. Terphane's revenues for the last twelve months, as of June 30, 2011, were approximately $160 million. The purchased processor is especially strong in Latin America, with its headquarters in Brazil, but also has a growing presence in product niches in the United States. Its North American operation is headquartered in Bloomfield, NY. Vision Capital acquired Terphane in late 2010.
Tredegar, based in Richmond, Virginia, had sales of $740 million in 2010. With approximately 2000 employees, the company operates facilities in North America, South America, Europe, and Asia....