Polymer Group to sell subsidiary making high performance polymers and synthetic fibers to affiliate

26-Aug-09

In a bid to establish its position as global leader in non wovens sector by focusing on select core businesses, Polymer Group, Inc. has inked a deal to sell its 100% subsidiary FabPro Oriented Polymers to an affiliate of Tricor Pacific Capital, Inc for an undisclosed amount. The agreement is subject to customary closing conditions and is expected to be completed within 30 days. The divestment is continued execution of PGI’s plan to focus on select core businesses built around growth platform technologies in the hygiene, medical, wipes and industrial segments. The FabPro business includes manufacturing facilities in Kingman, Kansas, Clearfield, Utah, and a converting facility in Guntown, Mississippi. Following the sale, PGI will operate 14 manufacturing and converting facilities in 8 countries globally. FabPro is one of the leading manufacturers, developers and marketers of high performance polymers and synthetic fibers for the agricultural, construction and commercial segments. Its products are used in a variety of niche applications, including agricultural twine and netting, concrete reinforcement and crack reduction, industrial tying and cable filling. Founded in 1975 as a greenfield operation for Exxon Chemical Co., FabPro was acquired by PGI in 1998.