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PGI Sees First Quarter Growth

May 10, 2007

Polymer Group, Inc., Charlotte, NC, has released results of operations for the first quarter ended March 31, 2007. Sales continued to establish new record levels with first quarter sales growing 2.5% to $267 million compared to $260 million in the first quarter of 2006. PGI primarily attributes the sales growth to improved volumes in the nonwovens businesses, which were offset somewhat by lower sales prices reflecting the impact of changes in relative raw material costs compared to the prior year. Volume increased significantly in Asia as the company’s new spunmelt line was ramping up during the quarter and as the U.S. and Latin American regions benefited from full run rate volumes from the previously installed spunbond lines.

PGI’s new CEO Ronee Hagen stated, “PGI’s business re-established its trend of year-over-year growth and profitability this quarter. The nonwovens business continues to show strength in all regions, both as a result of the strategic capacity expansions implemented in 2006 and an encouraging continuation of improvement in the base business. The company’s focus on cost control was evident in the improvement in our overall profit margins.”

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