US plastic films manufacturer Tredegar has reported an increase in the net income from continuing operations of the third quarter of 2011 to $12.7m compared to $9m in the same period in 2010.
The result includes a net after-tax gain of $4.3m for special items primarily related to the divestiture of film products business in Italy and transaction expenses incurred on the acquisition of Terphane Holdings in October this year.
The company’s income from ongoing operations for the quarter declined to $8.4m compared to $9.4m in last year’s third quarter.
Sales for the quarter increased to $202.6m from $197.5m year-on-year.
Tredegar’s subsidiary Tredegar Film Products completed the acquisition of polyester films manufacturer Terphane Holdings for $188m in October.
Tredegar president and CEO Nancy Taylor said the acquisition will increase the company’s presence in the Latin American films market and gives a foothold in food packaging.