Blackstone to acquire PGI

“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,” said PGI chief executive officer Veronica Hagen.

“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,” said Chinh Chu, a senior managing director of Blackstone.

This sale is expected to close by the end of the first quarter of 2011.