Nancy M. Taylor, Tredegar’s president and chief executive officer, said: “Film Products’ performance for the quarter was positively impacted by the higher quarter-over-quarter profitability of our recently acquired flexible packaging business, Terphane. While Terphane’s third-quarter performance reflects improved market conditions, we are also pleased with its trends in operational performance. On the down side for Films, the market dynamics affecting the market for our personal care materials continue to exert pressure on our margins and volumes, as we experience softness in demand and increased pricing pressure for several of our personal care products. We continue to focus on cost reductions in light of challenging market conditions.”
Ms. Taylor continued, “While Bonnell’s profitability for the quarter was dampened by lower volumes, primarily due to the closing of its Kentland, Indiana facility, its year-to-date performance has been quite positive. Bonnell’s keen focus on cost control and margin improvement has been a key contributor to its demonstrated trend of strengthening performance. Consistent with our goal to grow in markets outside of building and construction, we recently announced the acquisition of AACOA, a Midwestern manufacturer of aluminum extrusions with industry-leading capabilities in anodizing and fabrication. We believe that this combination will prove to be a strong strategic fit and provides an exciting platform for growing the business.”
Film ProductsA summary of third quarter and year-to-date operating results for Film Products is provided below:
|Quarter Ended||Favorable/||Nine Months Ended||Favorable/|
|(In Thousands,||September 30||(Unfavorable)||September 30||(Unfavorable)|
|Except Percentages)||2012||2011||% Change||2012||2011||% Change|
|Sales volume (pounds)||68,157||51,396||32.6||%||203,078||157,852||28.7||%|
|Operating profit from ongoing operations||$||21,092||$||15,485||36.2||%||$||49,999||$||43,872||14.0||%|
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