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PGI Signs Agreement to Acquire Spanish Nonwovens Business Tesalca-Texnovo
Date:11/2/2009

e hygiene, medical and industrial/agricultural segments.

"This acquisition will give us a larger platform for growth in this part of the world and will further our strategy to be the global hygiene leader," said Veronica (Ronee) Hagen, PGI's chief executive officer. "The Tesalca-Texnovo business is a good fit with our hygiene, medical and industrial businesses, and will allow us to leverage our global customer relationships and operational excellence."

"Through this transaction, the Tesalca-Texnovo businesses will grow under the ownership of a large, globally recognized premier nonwovens producer," Jose Durany, managing director of Tesalca-Texnovo and member of Grupo Corinpa S.L., said. "This will be a good union between companies with similar goals. We look forward to being long-term partners with PGI."

Jaime Carreras will become the general manager of the new PGI Spain upon closing of the transaction. He has been with Tesalca-Texnovo for over 20 years and has been general manager for Tesalca-Texnovo running daily operations since 2007.

The interests of Grupo Corinpa S.L. were represented by Jose Durany and Juan Pich-Aguilera Roca. Durany was responsible for starting the Tesalca hygiene business in 1999 and has provided senior leadership to the business since then. Durany will become special consultant to PGI to ensure a smooth transition of the acquisition and to provide on-going insight and leadership advice to the PGI board of directors regarding the European market.

The transaction is anticipated to be completed via a two-phase process. In Phase I, PGI will purchase the working capital and operations of the business of Tesalca-Texnovo in exchange for common stock equal to a 5.0 percent ownership stake in PGI. If certain criteria are met, Phase II of the transaction would include the purchase of the remaining assets of Tesalca-Texnovo in exchange for an additional 1.75 percent common stock owners
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SOURCE Polymer Group, Inc.
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