XML 28 R9.htm IDEA: XBRL DOCUMENT v2.3.0.15
Subsequent Events
9 Months Ended
Sep. 30, 2011
Subsequent Events [Abstract] 
Subsequent events

2.                  On October 14, 2011, TAC Holdings, LLC, a newly formed Virginia limited liability company (the "Buyer"), and Tredegar Film Products Corporation, which are indirect and direct, respectively, wholly-owned subsidiaries of Tredegar, entered into a Membership Interest Purchase Agreement (the "Purchase Agreement") with Guacho Holdings, B.V. (the "Seller") an indirect, wholly-owned subsidiary of Vision Capital Partners VII LP. On October 24, under the terms of the Purchase Agreement, the Buyer acquired from the Seller 100% of the outstanding equity interests of Terphane Holdings, LLC ("Terphane") for approximately $188 million (subject to certain post-closing adjustments as provided in the Purchase Agreement). The purchase price was funded using available cash on hand and financing secured from our existing $300 million revolving credit facility.

 

            Terphane is headquartered in São Paulo, Brazil and operates two manufacturing facilities in Cabo, Pernambuco Brazil and Bloomfield, New York.  It is a market leading producer of thin polyester films in Latin America with a growing presence in strategic niches in the United States.  Polyester films have specialized properties, such as heat resistance and barrier protection, that make them uniquely suited for the fast-growing flexible packaging market.  The acquisition of Terphane will thus allow us to extend our product offerings into adjacent specialty films markets and to expand in Latin America, which is one of the fastest growing and most dynamic geographic markets in the world.