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Tredegar Corporation (NYSE: TG), headquartered in North Chesterfield, Virginia, is a prominent player in the global manufacturing sector. The company operates through its subsidiaries, which specialize in the production of polyethylene plastic films, polyester films, and aluminum extrusions. With over 1,700 employees and 13 locations spanning North America, Europe, Asia, and South America, Tredegar serves a diverse range of markets and industries.
Tredegar Film Products, a key subsidiary, is a global leader in the plastic films industry. The company offers a wide array of capabilities in polyethylene, polypropylene, elastics, and polyester films. These products are essential in various applications, including personal care, electronic displays, food packaging, and lighting. Tredegar Film Products prides itself on its innovative research and development, enabling it to meet the evolving demands of global markets effectively. Their motto, “layers of confidence”™, underscores their commitment to quality and reliability.
Another significant segment of Tredegar's operations is its Aluminum Extrusions division, which generates the majority of the company's revenue. This division produces high-quality, soft-alloy, and medium-strength aluminum used in a range of applications, including building and construction, automotive, consumer durables, machinery and equipment, electrical, and distribution markets.
Tredegar Corporation's strategic focus on innovation and quality, combined with its extensive global footprint and local supply capabilities, positions it well for continued growth and success. The company is committed to expanding its reach in diverse markets worldwide, delivering reliable and high-performance products that meet the rigorous demands of its customers.
Recent Achievements and News:
- The company has recently strengthened its market presence with strategic partnerships and collaborations.
- Ongoing projects include the development of advanced films for electronic displays and sustainable packaging solutions.
- Financially, Tredegar maintains a robust position, with steady revenue streams from the United States, Asia, and Brazil.
For the latest updates and relevant information about Tredegar Corporation's performance, events, and developments, please stay tuned to our news section.
Tredegar (NYSE:TG) reported Q3 2024 net loss of $(3.9) million ($(0.11) per share) compared to $(50.4) million loss in Q3 2023. Net income from ongoing operations was $0.2 million ($0.01 per share). Key highlights include: Aluminum Extrusions EBITDA of $6.2 million with sales volume of 34.6 million pounds; PE Films EBITDA of $5.9 million with sales volume of 9.6 million pounds. The company completed the sale of Terphane to Oben Group for $60 million in cash, with an additional $7 million expected from escrow funds.
Tredegar (NYSE:TG) has completed the sale of Terphane, its flexible packaging films business in Brazil, to Oben Group. The transaction, announced on September 1, 2023, involves a net cash-free and debt-free base consideration of $116 million. Tredegar expects to receive after-tax net proceeds of $85 million, including $78 million at closing and $7 million from escrow funds within 120 days. The sale aligns with Tredegar's strategic goals and positions Terphane for better growth opportunities within Oben's global flexible films operations.
Tredegar Surface Protection, a subsidiary of Tredegar (NYSE:TG), has launched Optennia, a new packaging film solution. The product uses 30% less petroleum-based resin compared to competitive products, offering an environmentally responsible alternative without compromising performance.
The new film combines durability with environmental responsibility, featuring improved weight-to-strength ratio, superior clarity, and enhanced graphic printing capabilities. According to President Arijit DasGupta, this innovation aligns with the company's commitment to sustainable manufacturing practices while maintaining their position as industry leaders in blown high-density packaging film solutions.
Tredegar (NYSE:TG) announced that Brazil's Administrative Council for Economic Defense (CADE) has approved the sale of its Terphane flexible packaging business to Oben Group. The transaction is expected to close on November 1, 2024, with certain post-closing commitments for Oben to address competition concerns.
The sale agreement, entered on September 1, 2023, involves a net cash-free and debt-free base consideration of $116 million. Tredegar anticipates after-tax net cash proceeds of $85 million, including $78 million at closing and $7 million from escrow funds release within 120 days. These figures are subject to change based on Terphane's final closing balance sheet.
Tredegar, an industrial manufacturer with three primary businesses, reported 2023 sales of $705 million and employs approximately 1,900 people globally. Oben Group is a significant player in the flexible packaging industry with over 32 years of experience and operations in more than 17 countries.
Tredegar Surface Protection, a subsidiary of Tredegar (NYSE:TG), has launched Obsidian Automotive Protective Films. This innovative product line is designed to meet the evolving needs of the automotive industry, offering unparalleled performance and protection.
The Obsidian line includes protective films for various applications:
- Automotive Interior: Films for displays, AR use, dashboards, center consoles, and rear seat entertainment, with anti-glare, anti-reflection, and anti-fingerprint coatings.
- Automotive Exterior: Films for windshields, cameras, and body components.
Arijit DasGupta, President of PE Films / Tredegar Surface Protection, highlighted the growing demand for surface protection of automotive displays. The Obsidian Automotive Protective Films are now available through Tredegar's global distribution network.
Bonnell Aluminum, a subsidiary of Tredegar (NYSE:TG), has partnered with the Aluminum Extruders Council (AEC) and the U.S. Department of Labor (DOL) to create an industry-specific Apprenticeship Program. The program aims to offer potential workers a career path in aluminum extrusions by developing skills in a structured, nationally accredited program with potential DOL funding.
The program, launched in 2023, consists of three phases:
- Phase I: Focuses on recruiting and training Industrial Maintenance Technician apprentices in a two-year program
- Phase II: Set to roll out in 2025, offering education for aluminum extrusion press operators and die shop technicians
- Phase III: Will add skilled trades such as CNC operation, robotics, and welding
Carl Czarnik, VP of Operations for Bonnell Aluminum, stated that the program benefits both participants and the company by helping identify, develop, and retain talent while allowing apprentices to learn a skilled trade at no cost.
Bonnell Aluminum, a subsidiary of Tredegar (NYSE: TG), has expressed satisfaction with the U.S. Department of Commerce's final ruling to implement anti-dumping and countervailing duties on unfairly traded imports of aluminum extrusions from 14 countries. This decision aims to address trade practices that have been deemed unfair in the aluminum extrusion industry. The company directs interested parties to a more detailed press release issued by The U.S. Aluminum Extruders Coalition on September 27, 2024, for additional information regarding the ruling and its implications.
Tredegar (NYSE:TG) reported its Q2 2024 financial results. Net income was $8.8 million ($0.26 per share), up from a loss of $18.9 million ($0.56 per share) in Q2 2023. Ongoing operations net income was $10.3 million ($0.30 per share), compared to a loss of $2.0 million ($0.06 per share) last year.
EBITDA from Aluminum Extrusions rose to $12.9 million from $10.2 million. Sales volume slightly decreased to 34.9 million pounds. PE Films saw EBITDA soar to $10.1 million from $0.8 million, with sales volume increasing to 10.5 million pounds. Flexible Packaging Films' EBITDA improved to $3.2 million from $0.2 million, with sales volume rising to 25.1 million pounds.
CEO John Steitz highlighted ongoing profitability and improved results across business segments. The company is cautious about costs while noting potential market share gains from favorable duties on aluminum imports. The Terphane sale process continues, pending regulatory approvals.
Tredegar (NYSE:TG), an industrial manufacturer, has announced plans to release its second quarter 2024 financial results on August 7, 2024. The company operates in three primary business segments: custom aluminum extrusions for North American markets, surface protection films for global electronics, and specialized polyester films for Latin American flexible packaging.
Tredegar reported sales from continuing operations of $705 million in 2023. With approximately 1,900 employees, the company maintains manufacturing facilities across North America, South America, and Asia. This upcoming financial release will provide insights into Tredegar's performance and market position in its key industrial sectors.
Bonnell Aluminum, a subsidiary of Tredegar (NYSE: TG), has lauded the Biden administration's recent proclamation aimed at strengthening the rules for qualifying for trade benefits between the U.S. and Mexico. This new mandate requires aluminum imports to meet specific 'smelted and cast' criteria to be exempt from the Section 232 Tariff. It blocks preferential treatment for aluminum imports where the primary or secondary smelting or the most recent casting took place in Belarus, China, Russia, or Iran. The regulation aims to address unfair trade practices involving subsidized metals from these countries. For more information, refer to the July 10, 2024, press release by The Aluminum Extruders Coalition.
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