The company has blamed its current problems on market conditions. “During the past year, our entire industry has been hit hard by the general economic decline led by the deteriorating housing market plus the escalating cost of raw materials,” said company president Joe Dane.
The bankruptcy filing does not impact Propex’s Latin American and European operations. The world's largest needlepunch maker, Propex is a combination of the former BP Amoco Fiber and Fabrics operations and SI Corporation. Last year, the company was the world's ninth largest nonwovens producer with sales estimated at $231 million. Total sales for the company, also a maker of woven products, were $743 million.