(RTTNews) - Tredegar Corporation (TG) Wednesday announced that Brazil's Administrative Council for Economic Defense has approved a merger control agreement allowing Tredegar to proceed with the sale of Terphane, its flexible packaging business headquartered in Brazil, to Oben Group.
The conditions contained in the merger control agreement, mainly comprised of post-closing commitments for Oben to address certain competition concerns, are expected to be met with the closing of the transaction planned for November 1, 2024.
On September 1, 2023, Tredegar entered into an agreement to sell Terphane to Oben for a net cash-free and debt-free base consideration of $116 million.
Tredegar is an industrial manufacturer with three primary businesses: custom aluminum extrusions for the North American building & construction, automotive and specialty end-use markets; surface protection films for high technology applications in the global electronics industry; and specialized polyester films primarily for the Latin American flexible packaging market.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
