PORTO ALEGRE - Fitesa has moved to strengthen its films, elastics and laminates segments with the acquisition of Tredegar Corporation’s Personal Care Films business.

Fitesa has announced that it has entered into a sale & purchase agreement to acquire the Personal Care Film business which has approximately 400 employees worldwide and includes manufacturing sites located in Terre Haute, United States; Kerkrade, The Netherlands; Rétság, Hungary; Diadema, Brazil; and Pune, India.

“We are happy to announce this investment which reinforces our commitment to innovation and growth," said Silverio Baranzano, Fitesa’s CEO. "We are continuously looking for opportunities to improve the value we create for our customers, employees, communities and shareholders. Fitesa is a strategic player that focuses on investments with a view to hold them for the long term. We believe this new acquisition, which was accomplished amidst a global crisis, is yet another demonstration of that.”

Closing of the transaction, which is contingent upon the satisfaction of customary conditions, is expected to occur during the fourth quarter of 2020.

Fitesa is major global nonwoven’s manufacturer specializing in the development of solutions for the hygiene and healthcare markets using a broad range of technologies, that include spunbond, carded, airlaid, films, elastics and laminates. Headquartered in Porto Alegre, Brazil, Fitesa employs over 2.000 people in 16 manufacturing locations across 10 countries: Brazil, Peru, Mexico, Italy, Sweden, Germany, United States, United Arab Emirates, Thailand and China.

Tredegar Corporation is a manufacturer of plastic films and aluminum extrusions. A global company headquartered in Richmond, Virginia, Tredegar had 2019 sales of $1 billion and has approximately 3,000 employees across facilities in North America, South America, Europe, and Asia.