Polymer Group Inc. (PGI) has signed an agreement to acquire a controlling interest in Companhia Providencia Industria e Comercio (Providencia), a Brazilian manufacturer of nonwoven materials used in hygiene, healthcare, and industrial applications. This acquisition further accelerates PGI's global growth strategy by extending its presence into Brazil, an attractive and high-growth region, and enhancing its capabilities in North America.
PGI has nonwovens operations in 13 countries across North America, South America, Europe, and Asia. The acquisition of Providencia will enable the company to serve a more diverse range of customers in Latin America, according to the release. In November 2013, PGI completed its acquisition of Fiberweb Inc., the Nashville–based manufacturer of specialty nonwoven products and materials. As a result of that acquisition, PGI became the world’s largest manufacturer of nonwovens, according to its Nov. 15 press release.
"The acquisition of Providencia is exciting for PGI, as it aligns directly with our strategic commitment to global growth," said J. Joel Hackney Jr., Chief Executive Officer for PGI. "Providencia has built a vibrant business serving customers focused on hygiene, healthcare and industrial applications, all of which are core focus areas for PGI. The complementary nature of our businesses and Providencia's established relationships with its customers make it a perfect fit to join the PGI family."
30-Jan-14 
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