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.
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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.
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