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PGI reports first quarter gains

May 21, 2014

Nets sales for the first quarter increased 47% to $422 million at Polymer Group Inc., thanks largely to the integration of Fiberweb, a company acquired in late 2013 as well as the contribution of a new Asian line.

Without the Fiberweb acquisition, sales increased 5.7%.

PGI’s CEO J. Joel Hackney Jr., states, “The strong contributions from our strategic acquisition and its pace of integration fully validate the growth opportunities we envisioned. Combined with solid underlying fundamentals throughout our business, and new growth investments in Asia and the Americas, we were able to deliver year-over-year improvement in the base business as well. I am pleased with our progress related to our strategic priorities to achieve economic leadership, grow in new and emerging markets and develop and attract top talent. We will continue to invest in opportunities to drive value for our customers and leverage our diversified global platform.”

Net sales in Asia increased 25.2% driven by a strong healthcare market as well as incremental volume from the company new hygiene manufacturing line. In addition, net sales in the Americas and Europe increased 39.6% and 83.5%, respectively, as incremental Fiberweb sales and continued contribution from a new spunmelt line in Waynesboro, VA, helped mitigate lower net selling prices and product mix issues in Europe and Asia.