PGI to cease operations at Montreal offices & Magog facility
07 May '11
1 min read
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.
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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