Tredegar to Close PE Films Center, Reduce Efforts to Sell PE Films for Chip Market

Tredegar said it is closing down a Polyethylene Films technical center in Richmond, Va., and winding down its efforts to sell PE films for the semiconductor market.

The Richmond, Virginia-based company will continue to research and develop PE films at its facility in Pottsville, Penn.

“PE Films continues to have new business opportunities primarily relating to surface protection films that protect components of flat panel and flexible displays,” the company said.

The company also took a $15.4 million goodwill impairment charge on the surface-protection component of its PE films business because of the downturn in consumer electronics.

In the second quarter, sales fell more than 49% in the company’s PE films business.