NEWNAN, Ga.--(BUSINESS WIRE)--The William L Bonnell Company Inc., (“Bonnell Aluminum”) announced today that its parent company, Tredegar Corporation (NYSE:TG), has agreed to acquire 100% ownership of Futura Industries (“Futura”). Upon the closing of the transaction, which is expected by mid-February, Futura will become an operating division of Bonnell Aluminum.
Futura, headquartered in Clearfield, Utah, with a national sales presence and particular strength in the western U.S., designs and manufactures a wide range of extruded aluminum products for a number of industries and end markets, including branded flooring trims and TSLOTS, as well as OEM components for truck grills, solar panels, fitness equipment and other applications. Futura has approximately 350 employees. For additional information, please visit www.futuraind.com.
Commenting on the acquisition, Brook Hamilton, President of Bonnell Aluminum, stated, “Following our successful acquisition of AACOA in October 2012, we have been actively searching for another acquisition that meets our stated goals for broadening our served markets and value-added capabilities. In Futura, we have found a top-quality manufacturer with a very strong management team that will help us move toward our strategic objectives in both growth and diversification.”
Jared Bringhurst, president of Futura, stated, “We are thrilled to join forces with Bonnell Aluminum. The strong strategic fit extends to our similar customer-centric cultures and values, and this move provides an excellent platform for us to grow the business together.”
About Tredegar Corporation and Bonnell Aluminum
Tredegar Corporation is a manufacturer of plastic films and aluminum extrusions. A global company headquartered in Richmond, Virginia, Tredegar had 2015 sales of $896 million. With approximately 2,800 employees, the company operates manufacturing facilities in North America, South America, Europe, and Asia. Bonnell Aluminum and its operating division, AACOA, manufacture finished and fabricated soft and medium-strength alloy aluminum extrusions for building and construction, automotive, machinery and equipment, consumer durables, transportation, electrical and distribution markets.
Forward-Looking and Cautionary Statements
Some of the information contained in this press release may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. When Tredegar uses the words “believe,” “estimate,” “anticipate,” “expect,” “project,” “likely,” “may” and similar expressions, it does so to identify forward-looking statements. Such statements are based on Tredegar’s then current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those addressed in the forward-looking statements. It is possible that actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in or implied by these forward-looking statements. Accordingly, you should not place undue reliance on these forward-looking statements. Factors that could cause actual results to differ from expectations include, without limitation, the following: the ability to integrate Futura’s operations as expected and within the expected timeframe; possible disruptions to customer and employee relationships and business operations caused by the transaction; the ability to achieve the levels of revenue, profit, productivity, or otherwise perform as Tredegar expects; the assumption of unanticipated liabilities and contingencies; the ability to achieve anticipated operational improvements; and the other factors discussed in the reports Tredegar files with or furnishes to the Securities and Exchange Commission (the “SEC”) from time to time, including the risks and important factors set forth in additional detail in “Risk Factors” in Part II, Item 5 of Tredegar’s Quarterly Report on Form 10-Q for the period ended September 30, 3016 and in Part I, Item 1A of Tredegar’s 2015 Annual Report on Form 10-K/A filed with the SEC. Readers are urged to review and consider carefully the disclosures Tredegar makes in its filings with the SEC.
Tredegar does not undertake, and expressly disclaims any duty, to update any forward-looking statement made in this press release to reflect any change in management’s expectations or any change in conditions, assumptions or circumstances on which such statements are based, except as required by applicable law.