Tredegar Corp. has sold its 9-year-old, Argentina-based film business to Plastar SA, a large film producer in Argentina.
The deal, for undisclosed terms, rids Tredegar of an underperforming operation that had been the target of several write-downs, according to the publicly held firm's quarterly reports.
Tredegar will focus its Latin America business on its Brazilian plant in Sao Paulo, Thomas Cochran, president of Tredegar Film Products Corp., said in a news release.
``Our Brazilian operations can meet demand for these products throughout Latin America at a lower overall cost,'' Cochran said.
Plastar, based in Buenos Aires, gains a Tredegar operation that makes polyethylene film for disposable diapers and agricultural products.
Tredegar had bought the plant in 1995 from Duperial A.S.I.C., based in Buenos Aires, which had operated a plant in San Juan, Argentina, and a sales office in Buenos Aires.
Plastar's current products include micro-embossed PE film for disposable diapers and agricultural and industrial films.
Plastar's three other manufacturing sites have capacity to extrude 77 million pounds of PE films annually, according to the firm's Web site.
Tredegar reported 2003 film and sheet sales of $365.5 million and total sales of $720.1 million. A company spokesperson could not be reached before deadline.
