US-based Tredegar Film Products, a subsidiary of plastic films manufacturer Tredegar, is set to acquire manufacturer of polyester films Terphane Holdings in a deal worth $188m.

Tredegar president and CEO Nancy Taylor said Terphane’s products will extend the company’s product offerings into adjacent specialty films markets and allow it to expand into Latin America.

The acquisition, which is subject to certain customary closing conditions, is expected to close later this month, October.

Terphane is currently owned by an international investment firm Vision Capital and operates two manufacturing facilities in Cabo, Pernambuco, Brazil, and Bloomfield, New York.

Polyester films have heat resistance and barrier protection properties which make them suited for the fast-growing flexible packaging market.