Plastic films manufacturer Tredegar Corporation has completed the previously announced divesture of its personal care films business.

The business has been sold to affiliates of Fitesa. Tredegar reached an agreement to sell the business in August this year.

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The Personal Care Films business has around 400 employees across the globe. It has manufacturing sites situated in Terre Haute, Indiana; Kerkrade, The Netherlands; Rétság, Hungary; Diadema, Brazil; and Pune, India.

The deal does not include the company’s packaging film lines and related operations located at the Pottsville, Pennsylvania manufacturing site. These are reported within the Surface Protection component of PE Films.

The deal including the transaction costs, purchase price adjustments and transition services are valued at about $45 to $50m.

However, net cash income tax costs or benefits in relation to the transaction are negligible.

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Tredegar president and chief executive officer John Steitz said: “We believe that in combination with Fitesa, a worldwide leader in nonwoven fabrics, Tredegar’s former personal care business will have improved opportunities for growth.”

The company will report the business as a discontinued operation in its third quarter financial results.

Headquartered in Richmond, Virginia, Tredegar is a manufacturer of plastic films and aluminium and had sales of $1bn last year. The company also had 2019 sales of $826m from continuing operations.

Fitesa employs over 2,000 people in 16 manufacturing locations across ten countries.