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April 25, 2015 6:57 PM ET

Textiles, Apparel and Luxury Goods

Company Overview of Polymer Group, Inc.

Company Overview

Polymer Group, Inc. develops, produces, and markets nonwovens to consumer and industrial markets. It operates through four segments: North America, South America, Europe, and Asia. The company’s products are used for personal care comprising baby diapers and feminine hygiene products, and substrates for fabric-softening dryer sheets; infection prevention, including specialty materials for use in various medical garments, such as surgical gowns and drapes, and household cleaning wipes; and high performance solutions consisting of filtration media for pool and spa filters, and protective house wraps, as well as specialty agriculture and industrial customers. It also provides nonwovens for use ...

9335 Harris Corners Parkway

Suite 300

Charlotte, NC 28269

United States

Founded in 1994

4,400 Employees

Phone:

704-697-5100

Fax:

704-697-5116

Key Executives for Polymer Group, Inc.

Chief Executive Officer, President and Director
Age: 45
Chief Financial Officer, Executive Vice President and Treasurer
Age: 40
President of Americas & Global Wipes & Technical Specialties
Age: 46
President of Global Operations & Business Excellence
Age: 50
President of APAC & Global Hygiene
Age: 57
Compensation as of Fiscal Year 2014.

Polymer Group, Inc. Key Developments

Polymer Group, Inc. Enters into an Incremental Term Loan Amendment and Limited Waiver to its Existing Senior Secured Credit Agreement

On April 17, 2015, Polymer Group, Inc. entered into an incremental term loan amendment and limited waiver to its existing senior secured credit agreement, dated as of December 19, 2013, among the company, its direct parent, Scorpio Acquisition Corporation, the lenders from time to time party thereto and Citicorp North America, Inc. as administrative agent (as amended, restated, supplemented or otherwise modified prior to the date hereof, the Term Loan Facility). Pursuant to the Incremental Amendment, the company obtained $283.0 million of commitments for incremental term loans. The proceeds of the Additional Term Loans will be used to fund the consideration due in respect of the previously announced acquisition of Dounor SAS (Dounor), to redeem $200.0 million outstanding principal amount of the company's outstanding 7.75% Senior Secured Notes due 2019 (the Secured Notes), to pay related fees and expenses (including the redemption premium) and for general corporate purposes. The Additional Term Loans will be secured on a pari passu basis with the existing term loans under the Term Loan Facility and the remaining Secured Notes. The company may voluntarily repay outstanding loans at any time without premium or penalty, other than a prepayment premium on voluntary prepayments of Additional Term Loans in connection with certain re-pricing transactions on or prior to the date that is six months after the effective date of the Incremental Amendment and customary breakage costs with respect to LIBOR loans. The company is required to repay the Additional Term Loans in quarterly installments in aggregate amounts equal to approximately 1% per annum of their funded total principal amount, with the remaining amount payable on the maturity date of the Term Loan Facility. All other terms of the Additional Term Loans are substantially identical to the terms of the Term Loan Facility. The Incremental Amendment also provides for a limited waiver to permit, among other things, the company to incur the Additional Term Loans solely in connection with the Incremental Amendment, so long as the company is in pro forma compliance with a senior secured net leverage ratio not exceeding 4.50:1.00.

Polymer Group, Inc. Announces Expansion of Specialty Materials Manufacturing in Mexico

Polymer Group, Inc., or PGI has announced an expansion of its specialty materials manufacturing capabilities at its San Luis Potosi facility in Mexico. The anticipated plant expansion is centered on solving the challenge of complicated supply chains and a need for differentiated products for personal care product manufacturers. The planned expansion, including new, printing capabilities with in-line slitting and packaging, will allow customers to take advantage of a full-service facility producing, printing and slitting material in a single location, taking advantage of PGI's print expertise while simplifying and reducing risk in the supply chain. The planned expansion will bring print capacity to 600 million square meters at the site with the ability to produce multiple colors, narrow slit widths and enhanced registration. The new asset is expected to be commercial in fourth quarter of 2015. The expansion will serve PGI's specialty materials offering for personal care, infection prevention and high-performance solutions.

Polymer Group, Inc. Reports Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014

POLYMER GROUP, INC. reported consolidated unaudited earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net sales of $499,419,000 compared with $347,263,000 for the same period last year. Operating income was $12,680,000 compared with operating loss of $17,490,000 for the same period last year. Loss before income taxes was $31,325,000 compared with $48,035,000 for the same period last year. Loss attributable to the company was $30,925,000 compared with $2,533,000 for the same period last year. Adjusted EBITDA was $56,911,000 compared with $37,795,000 for the same period last year. Capital expenditures during the fourth quarter totaled $28.7 million and were primarily associated with investments in additional spunlace capacity in North America, upgrades to spunmelt capacity in Europe and relocation project in Nanhai, China. For the full year, the company reported net sales of $1,859,914,000 compared with $1,214,862,000 for the same period last year. Operating income was $18,198,000 compared with $7,168,000 for the same period last year. Loss before income taxes was $120,763,000 compared with $60,991,000 for the same period last year. Loss attributable to the company was $115,297,000 compared with $24,933,000 for the same period last year. Adjusted EBITDA was $218,771,000 compared with $136,749,000 for the same period last year. Operating income overall increase was primarily driven by the contributions from its acquisitions of Fiberweb and Providencia, offset by higher special charges. Net debt was $1,304.3 million compared with $810.6 million as of December 28, 2013. Capital expenditures for the fiscal year ended December 31, 2014 and December 28, 2013 were $82.5 million and $54.6 million, respectively.

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