Polymer Group to acquire Tesalca-Texnovo nonwovens business
02 Nov '09
4 min read
The transaction is anticipated to be completed via a two-phase process. In Phase I, PGI will purchase the working capital and operations of the business of Tesalca-Texnovo in exchange for common stock equal to a 5.0 percent ownership stake in PGI. If certain criteria are met, Phase II of the transaction would include the purchase of the remaining assets of Tesalca-Texnovo in exchange for an additional 1.75 percent common stock ownership stake and the assumption or repayment of debt of the business.
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.
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