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August 4, 2005
Nonwovens Engineered
Fabrics Leader PGI Declares Dividend
Seattle, WA, USA--(Jobwerx News)--Polymer Group, one of the leading producers
of engineered materials for the nonwovens industry, declares dividend
on preferred stock.
Polymer Group, Inc. (OTC Bulletin Board: POLGA; POLGB) announced today
that its Board of Directors has declared a dividend on its 16% Series
A Convertible Pay-in-Kind Preferred Stock, par value $0.01 per share,
(the "Preferred Stock") payable August 19, 2005 to holders of record as
of August 15, 2005. Under the terms of the Preferred Stock, dividends
accrue at the rate of 16% per annum and are payable, at the option of
the company, in cash or additional shares of Preferred Stock, or a combination
thereof. The company will pay the dividend through the issuance of additional
shares of Preferred Stock.
Polymer Group, Inc. (PGI) is a global, technology-driven developer, manufacturer
and marketer of engineered materials. With sales of over $844 million
in 2004, and offers the broadest range of process technologies in the
nonwovens industry. The company offers the industry's broadest range of
technologies and operates 21 manufacturing facilities in 10 countries
on 4 continents.
A dividend in the amount of 0.080 shares of additional Preferred Stock
will be paid per share of outstanding Preferred Stock to holders of record
as of August 15, 2004, for the period January 1, 2005, through June 30,
2005.
The company will issue an aggregate of approximately 4,660 shares of Preferred
Stock as a dividend. No fractional shares will be issued.
PGI operates in two segments: Consumer Products and Industrial and Specialty
Products. Within these segments, PGI is proud to serve the major markets
of Hygiene, Wipes, Medical, and Industrial and Specialty Fabrics. PGI,
through its Chicopee subsidiary, offers a wide array of wiping products
from home to factory, foodservice to sterile clean rooms, hospitals to
the automotive industry. Technical expertise required in the medical industry,
OR/ER, Wound Care, Patient Care and Specialty Products.
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