PGI Sales Continue Upward Trend
Sales increased 11.6% to $228.2 million during the third quarter for Polymer Group, Inc.; gross profit increased 9.5% to $38.9 million. For the first nine months of 2005, sales increased 14% to $708 million while profit increased 13.1% to $124 million. PGI continued to experience higher year-over-year volumes in its nonwovens business, combined with the effects of improved mix and higher comparable selling prices due to increased raw material costs, according to executives. PGI also announced that it is pursuing the refinancing of its senior bank facility. The company expects to lower its overall cost of debt and simplify its capital structure by replacing its senior secured and senior unsecured term loans with a new senior secured facility.