12:13 PM EDT, 10/16/2024 (MT Newswires) -- Tredegar ( TG ) said Wednesday that Brazil's Administrative Council for Economic Defense has approved the sale of Terphane, its flexible packaging business in Brazil, to Oben Group.

Last month, Tredegar ( TG ) agreed to sell the business to Oben for $116 million.

Tredegar ( TG ) said it expects $85 million in cash proceeds on completion of the deal, which is expected on Nov. 1.

Shares of Tredegar ( TG ) were up over 12% in recent trading.

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