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PGI Updates Strategic Plans

September 7, 2005

Polymer Group, Inc. has updated its plans regarding the company's previously announced review of strategic alternatives. In May the company announced that it would begin reviewing strategic alternatives to maximize shareholder value that could include, among other things, the sale or recapitalization of the company. As part of its recent review, PGI has determined that a sale of the company is not an attractive alternative at this time, particularly in light of its recently announced growth strategy. According to PGI, it continues to actively evaluate other strategic alternatives to support its strategy to grow the business with customers on a global basis and provide the best total value to shareholders.

"Our recent strong results reflect the progress we have made in returning the company to profitability,” stated PGI’s CEO James Schaeffer. “We have significantly improved our business and have successfully positioned the company for growth. Strategically, we are focused on accelerating growth initiatives to meet our customers' demands around the globe. As we continue to explore various strategic alternatives that support our business, I am strongly encouraged by PGI's future prospects."
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