The approximate purchase price of $188 million will be funded using available cash on hand and financing from Tredegar's existing $300 million credit facility. Tredegar expects that the acquisition will be accretive within the first year following the acquisition. Closing of the acquisition, which is subject to the satisfaction or waiver of certain customary closing conditions, is expected later this month.
Commenting on the acquisition, Nancy Taylor, Tredegar's president and CEO, says, "We have been working for some time to find an acquisition that meets our stated goals for market expansion and customer and product diversification. Terphane's high-value, differentiated products will extend our product offerings into adjacent specialty films markets and allow us to expand in Latin America, which is one of the fastest growing and dynamic geographic markets in the world."