American Gasket & Rubber admits accounting errors

Copell, Texas — Tekni-Plex, Inc. has said that it has become aware of certain accounting errors at its American Gasket & Rubber Division (AGR) which has resulted in an overstatement of inventory of approximately $7.7 million.

The Company also announced that it has determined that approximately $1.8 million of balance sheet transactions at AGR have been misclassified between accounts receivable, cash and inter-company eliminations. These misclassifications did not have any impact on the Division’s actual cash accounts or cash flows.

The accounting errors will require a…

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