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PGI completes Providencia acquisition



Published June 13, 2014
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PGI has complete the purchase of Companhia Providência, a Brazilian-based manufacturer of nonwovens used in personal hygiene, healthcare and industrial applications. The acquisition is another significant milestone in PGI’s strategy of accelerated global growth, as Providência’s leadership in Latin America enables PGI to serve an even broader range of customers in the Americas and globally.
 
For PGI, the addition of Providência creates opportunities for both companies to explore products, technologies and services to better meet customers’ needs through an unbeatable combination of innovation, quality and service. Providência will immediately begin operating under the PGI brand name. PGI announced it would buy Providencia in February.
 
“Providência has built a strong business on its commitment to long-term relationships with its customers and innovative products and technologies for the hygiene, healthcare and industrial segments,” says J. Joel Hackney Jr., Chief Executive Officer for PGI. “We believe this is the right time for this acquisition as it positions PGI for continued, accelerated growth in Latin America and across the globe. PGI and Providência are stronger together.”
 
Hermínio Vicente Smania de Freitas, Providencia's CEO has joined PGI as president of PGI’s South America Region, which includes Argentina, Brazil and Colombia. He will also continue to serve as CEO of Providência. Scott Tracey will serve as president of PGI’s North America Region, which includes Canada, Mexico and the U.S.

“At PGI we’re committed to successfully executing our growth strategy through the achievement of economic leadership, growth in new applications, winning in emerging markets, and developing and recruiting top talent,” said Hackney. “This acquisition supports that strategy, as we work to create a safer, cleaner and healthier world.”