PGI's Difco Performance Fabrics Inc. Sells Certain Assets to TenCate

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MONTREAL, May 3, 2011 /CNW/ -- Polymer Group, Inc. (PGI) announced that it has reached an agreement to sell certain assets of its Difco Performance Fabrics Inc. operating unit of its Oriented Polymers Division to TenCate Protective Fabrics Americas.

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

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As a result, operations at PGI's Montreal offices and Magog manufacturing facility will cease by this fall. The transaction is consistent with PGI's stated strategy to increase focus on its core businesses.

Among the assets being purchased by TenCate are all of Difco's brand names and other intellectual property associated with Difco's protective fabrics product portfolio.

The acquisition will enable TenCate, the recognized leader in protective fabrics, to further expand its position in the Canadian protective fabrics market and throughout North America as a whole by combining best practices and product lines to meet the market's evolving needs, TenCate said in a statement.

The acquisition process is expected to be completed in the near future. No further financial details will be published in this phase.

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    Safe Harbor Statement
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Except for historical information contained herein, the matters set forth in this press release are forward-looking statements 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 comply with existing and future debt covenants; achievement of objectives for strategic acquisitions and dispositions; inability to achieve successful or timely start-up of 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, including climate change-related legislation and regulation. Investors are directed to consider the risks and uncertainties discussed in documents provided by Polymer Group, Inc. to investors, including the company's Annual Report and any subsequent Quarterly Reports.

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For media inquiries, please contact:Cliff BridgesSenior Director, Corporate Communications and Sustainability(704) 697-5168 bridgesc@pginw.com

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SOURCE Polymer Group, Inc.

For further information: Web Site: http://www.polymergroupinc.com

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Polymer Group, Inc.

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