Jul 12 2010
Polymer Group, Inc. (OTC Bulletin Board: POLGA; POLGB) (PGI) announced it has initiated construction and installation of its new state-of-the-art, custom-designed, spunmelt machine at its plant in Waynesboro, Virginia.
The project, previously announced by Governor Bob McDonnell in March 2010, is expected to create 41 highly-skilled jobs at the Waynesboro, Virginia site and represents an investment of over $65 million. The company's decision to invest at this site was supported by incentives received from the Commonwealth of Virginia to promote economic development in the area. The new capacity is expected to be available to customers in the second half of 2011.
"This expansion continues to build upon PGI's ability to employ industry-leading technologies, combined with recent proprietary technological development. The installation of this advanced equipment enables PGI to deliver differentiated products to customers that will achieve enhanced and improved barrier, softness and opacity compared to the current marketplace capabilities for use in such products as diapers, and surgical gowns and drapes," stated Daniel Guerrero, vice president and general manager of the U.S. region.
Funding for the primary equipment associated with the project was made available through an equipment lease agreement provided by a joint venture between GE Capital and ING Capital, LLC.