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PGI Enters Into Agreement To Be Acquired By Blackstone Affiliate

October 4, 2010

Acquisition expected to close before end of first quarter 2011.

Polymer Group, Inc. (PGI) has announced it has entered into a definitive agreement to be acquired by an affiliate of Blackstone Capital Partners V L.P. This transaction is the result of the strategic review process initiated by PGI on April 7, 2010, and is expected to close prior to the end of the first quarter of 2011.

PGI's chief executive officer, Veronica (Ronee)Hagen, stated, "The sale to Blackstone is the culmination of our strategic review process and we believe that this transaction represents the best value alternative available to our stockholders. Blackstone is committed to supporting our strategy of continued growth and investment in proprietary capabilities in our markets around the globe. The leadership team and all of the employees of PGI are excited to begin the next chapter at PGI and to maintain our position as a global industry leader."

Chinh Chu, a senior managing director of Blackstone, added, "Polymer Group is an attractive company because of its leading position in the nonwovens industry and its strong footprint in high growth developing markets. The company has a talented management team, which we believe has much to achieve with our support and financial resources."

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