Polymer Group to close US plants - sportstextiles: Lea SportsTextiles

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Polymer Group to close US plants

09/01/2007

Polymer Group, Inc. is to consolidate its manufacturing in the USA in order to lower operating costs and improve performance. As a result of this the company will close its Rogers, Arkansas and Gainesville, Georgia plants, and transfer portions of the business to other locations in North America and Asia. Operations at the two plants are expected to be phased out by the middle of this year.

The consolidation efforts, which should be complete by the end of the third quarter of fiscal 2007, are expected to result in improved profitability and a more efficient manufacturing cost structure, with cash fixed costs expected to be reduced by approximately $4 million and $6 million on an annual basis. The company also anticipates proceeds of approximately $4.5 million to $6 million from the sale of the facilities and equipment that will be closed.

Following the closure of the two plants, the company will operate five nonwovens plants in the USA.


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