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Article: PGI Signs Agreement to Acquire Spanish Nonwovens Business Tesalca-Texnovo.
- Article from:
- Biotech Week
- Article date:
- November 18, 2009
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Polymer Group, Inc. (OTC Bulletin Board: POLGA; POLGB) (PGI) announced it has signed a definitive agreement to acquire the Barcelona, Spain-based Tesalca-Texnovo nonwovens businesses from Grupo Corinpa, S.L. in a two-phase process. The purchase is expected to close by the end of November, subject to customary closing conditions (see also Hygiene).
In conjunction with the transaction, PGI and Grupo Corinpa will initiate a long-term partnership that includes share ownership by Grupo Corinpa in PGI and representation on the PGI board of directors.
The businesses will be operated as a new wholly owned subsidiary (PGI Spain) and will have in excess of 50,000 ...