CHARLOTTE, N.C., Sept. 1 /PRNewswire-FirstCall/ -- Polymer Group, Inc. (OTC Bulletin Board: POLGE; POBLE) today announced it has consummated the previously announced transaction to sell its wholly owned subsidiary, FabPro Oriented Polymers, LLC, to an affiliate of Tricor Pacific Capital, Inc.

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Net proceeds from the transaction will be used to reduce the company's senior secured debt balances.

"We are very pleased to have completed this transaction," said Veronica (Ronee) Hagen, chief executive officer. "The transaction enables PGI to further focus on our core businesses of hygiene, medical, wipes and industrial and provides new ownership to the FabPro business that is aligned with their growth potential."

Polymer Group, Inc., one of the world's 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.

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 forwardlooking statements include: 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; 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. 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 company's Annual Report on Form 10-K 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

    For financial inquiries, please contact:
    Dennis Norman
    Vice President - Strategy & Corporate Development
     (704) 697-5186
     normand@pginw.com

SOURCE Polymer Group, Inc.