Earlier this year, PGI, which is owned by Matlin Patterson, the New York-based investment firm founded by David Matlin and Mark Patterson, announced it was exploring measures to optimize shareholder value including the possible sale of the company.
Blackstone is also acting as an adviser to PGI through its corporate advisory unit, according to the report.
PGI generated sales of $882 million last year. The company is the largest manufacturer of spunmelt nonwovens for the hygiene and medical markets and is currently strengthening this role with the construction of a new production line in Waynesboro, VA. The company has facilities in North and South America, Europe and Asia.