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Fiberweb, Fitesa Discussing North American JV

April 30, 2009

Deal would create second largest spunbond maker in region.

Fiberweb is in advanced discussions with leading Brazilian spunbond producer Fitesa and Fitesa’s parent company Petropar, concerning the establishment of a 50/50 joint venture focused primarily on the market for hygiene fabrics for use in diapers and feminine care products in the Americas, the U.K.-based company has revealed.

Such a joint venture would comprise Fitesa, the third largest producer of spunbond nonwovens in South America at its site at Gravatai, Brazil and all of Fiberweb’s spunbond facilities in North America, specifically at Queretaro, Mexico and Washougal, WA, which together are currently the fourth largest spunbond producer in North America. Fiberweb believes that the joint venture would be the second largest producer of spunbond nonwovens in the Americas and would enjoy a leading asset and technology base with potential for further development.

The joint venture plans to expand its operations in the U.S., through investment in new spunbond capacity. In early 2008, Fitesa had announced a plan to add two spunbond lines in South Carolina.

Completion of any such transaction would require various consents, including approvals from the boards of both parties and from the shareholders of both Fiberweb and Petropar. There can be no certainty that such a transaction will be completed or about the likely timetable for completing negotiations and obtaining consents.

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