Nonwovens specialist Polymer Group Inc (PGI) says that its board of directors is evaluating strategic alternatives, including the possible sale, merger or recapitalization of the company.
PGI says the review is designed to unlock shareholder value created by the company’s strong performance in fiscal 2009, its continued investment in growth initiatives and its significant improvement in financial flexibility.
The PGI board has established a special committee of independent directors to evaluate the strategic alternatives. For the 52-week fiscal 2009, PGI delivered net sales of US$882.7 million, down US$190.6 million on net sales of US$1.07 billion in the 53-week fiscal 2008. Fiscal 2009 net income was US$18.2 million, up from US$5.4 million in fiscal 2008.