PGI Initiates Site Expansion and Equipment Installation at Waynesboro, Virginia Plant Location

CHARLOTTE, N.C., July 12 /PRNewswire-FirstCall/ -- Polymer Group, Inc. (OTC Bulletin Board: POLGA; POLGB) (PGI) announced it has initiated construction and installation of its new state-of-the-art, custom-designed, spunmelt machine at its plant in Waynesboro, Virginia.

(Logo: http://www.newscom.com/cgi-bin/prnh/20080903/CLW036LOGO-b )

(Logo: http://photos.prnewswire.com/prnh/20080903/CLW036LOGO-b )

The project, previously announced by Governor Bob McDonnell in March 2010, is expected to create 41 highly-skilled jobs at the Waynesboro, Virginia site and represents an investment of over $65 million. The company's decision to invest at this site was supported by incentives received from the Commonwealth of Virginia to promote economic development in the area. The new capacity is expected to be available to customers in the second half of 2011.

"This expansion continues to build upon PGI's ability to employ industry-leading technologies, combined with recent proprietary technological development. The installation of this advanced equipment enables PGI to deliver differentiated products to customers that will achieve enhanced and improved barrier, softness and opacity compared to the current marketplace capabilities for use in such products as diapers, and surgical gowns and drapes," stated Daniel Guerrero, vice president and general manager of the U.S. region.

Funding for the primary equipment associated with the project was made available through an equipment lease agreement provided by a joint venture between GE Capital and ING Capital, LLC.

This investment is part of the company's continuing global growth strategy that includes its recent capacity investment in Mexico that was commercialized in 2009 and, most recently, the installation work initiated in China to install proprietary, high-barrier technology to serve the high-grade medical and hygiene markets.

Polymer Group, Inc., one of the world's leading producers of nonwovens, is a global, technology-driven developer, producer and marketer of engineered materials. With the broadest range of process technologies in the nonwovens industry, PGI is a global supplier to leading consumer and industrial product manufacturers. The company operates 15 manufacturing and converting facilities in nine countries throughout the world.

Safe Harbor Statement

Except for historical information contained herein, the matters set forth in this press release are forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, that involve certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These forwardlooking statements speak only as of the date of this release.  Important factors that could cause actual results to differ materially from those discussed in such forwardlooking statements include: general economic factors including, but not limited to, changes in interest rates, foreign currency translation rates, consumer confidence, trends in disposable income, changes in consumer demand for goods produced, and cyclical or other downturns; cost and availability of raw materials, labor and natural and other resources and the inability to pass raw material cost increases along to customers; changes to selling prices to customers which are based, by contract, on an underlying raw material index; substantial debt levels and potential inability to maintain sufficient liquidity to finance our operations and make necessary capital expenditures; inability to meet existing debt covenants; achievement of objectives for strategic acquisitions and dispositions; inability to achieve successful or timely start-up on new or modified production lines; reliance on major customers and suppliers; domestic and foreign competition; information and technological advances; risks related to operations in foreign jurisdictions; and changes in environmental laws and regulations. Investors and other readers are directed to consider the risks and uncertainties discussed in documents filed by Polymer Group, Inc. with the Securities and Exchange Commission, including the company's Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q.

SOURCE Polymer Group, Inc.

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED