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8-K - FORM 8-K - AVINTIV Specialty Materials Inc. | c09469e8vk.htm |
Exhibit 99.1
Polymer Group, Inc. 9335 Harris Corners Parkway Suite 300 Charlotte, NC 28269 www.polymergroupinc.com 704-697-5100 |
For Immediate Release
PGIs Cali, Colombia Facility Temporarily Closed Due to Regional Flooding
December 7th, 2010
[Charlotte, N.C.] -Polymer Group, Inc. (OTC Bulletin Board: POLGA; POLGB) (PGI) has temporarily
closed its Cali, Colombia facility due to flooding that has occurred at the industrial park where
the PGI plant is located. A severe rainy season has impacted many parts of the country.
During the interruption of manufacturing, the company has established temporary offices away from
the flooded area and is working with customers to meet critical needs through the use of its global
manufacturing base as much as possible.
Veronica Ronee Hagen, PGIs chief executive officer, stated, This is a difficult situation, but
we are pleased to report that our people remain safe. Our immediate focus is on mitigating impacts
to our customers and our business. We are in close communications with our Latin American
customers and supply chain partners, alerting them about this situation and the execution of
contingency plans to support their needs. Additionally, we are proactively preparing to take the
necessary steps to expeditiously restore our facility to its world-class status as soon as the
water levels subside. We will continue to communicate with our people and our customers as the
situation develops.
Polymer Group, Inc., one of the worlds leading producers of nonwovens, is a global,
technology-driven developer, producer and marketer of engineered materials. With the broadest range
of process technologies in the nonwovens industry, PGI is a global supplier to leading consumer and
industrial product manufacturers. The company operates 14 manufacturing and converting facilities
in nine countries throughout the world.
Safe Harbor Statement
Except for historical information contained herein, the matters set forth in this press release are
forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, that involve certain risks and uncertainties
that could cause actual results to differ materially from those described in the forward-looking
statements. These forward-looking statements speak only as of the date of this release. Important
factors that could cause actual results to differ materially from those discussed in such
forward-looking statements include: the outcome of settlement discussions with the Internal Revenue
Service regarding the final amount of the potential tax liabilities and associated payments related
to the previously disclosed personal holding company tax matters; uncertainty regarding the effect
or outcome of the companys announced sale to an affiliate of Blackstone Capital Partners V L.P.;
general economic factors including, but not limited to, changes in interest rates, foreign currency
translation rates, consumer confidence, trends in disposable income, changes in consumer demand
for goods produced, and cyclical or other downturns; cost and availability of raw materials, labor
and natural and other resources and the inability to pass raw material cost increases along to
customers; changes to selling prices to customers which are based, by contract, on an underlying
raw material index; substantial debt levels and potential inability to maintain sufficient
liquidity to finance our operations and make necessary capital expenditures; inability to meet
existing debt covenants or obtain necessary waivers; achievement of objectives for strategic
acquisitions and dispositions; inability to achieve successful or timely start-up on new or
modified production lines; reliance on major customers and suppliers; domestic and foreign
competition; information and technological advances; risks related to operations in foreign
jurisdictions; and changes in environmental laws and regulations, including climate change-related
legislation and regulation. Investors and other readers are directed to consider the risks and
uncertainties discussed in documents filed by Polymer Group, Inc. with the Securities and Exchange
Commission, including the companys Annual Report on Form 10-K/A and subsequent Quarterly Reports
on Form 10-Q.
For media inquiries, please contact:
Cliff Bridges
Global Marketing and HR Communications Director
(704) 697-5168
bridgesc@pginw.com
Cliff Bridges
Global Marketing and HR Communications Director
(704) 697-5168
bridgesc@pginw.com
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