Tredegar Corp. sells mitigation banking business

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Tredegar Corp. announced Wednesday that it has sold its mitigation banking business for $16 million to Arc Ventures LC, a Virginia company affiliated with John Gottwald, a member of Tredegar’s board of directors.

The purchase price paid to Richmond-based Tredegar includes cash and shares of common stock of Tredegar that are owned by Arc Ventures.

“The divestiture of our mitigation banking business is consistent with our strategy to drive for profitable growth through investment in our manufacturing businesses and acquisitions that fit our core competencies,” Tredegar’s president and CEO said in a statement.

MidSpan Partners acted as exclusive adviser to Tredegar in this transaction.

Tredegar is a manufacturer of plastic films and aluminum extrusions.

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