Jul 14 2010
GE Capital, Corporate Finance today announced it has secured a lease agreement with Polymer Group, Inc., a leading producer of nonwovens. The equipment lease facility will provide funding of up to $56 million for the primary equipment associated with the installation of a new state-of-the-art, custom-designed, spunmelt machine at a Polymer Group, Inc. plant in Waynesboro, Virginia.
Based in Charlotte, NC, Polymer Group, Inc. (OTC: POLGA, POLGB) is a technology-driven developer, producer and marketer of engineered materials primarily focused on nonwovens for the hygiene, wipes, medical and industrial markets. The company operates 15 manufacturing and converting facilities in nine countries throughout the world.
“GE Capital delivered a structured leasing solution that efficiently facilitates the addition of capacity and new products to meet the changing demands of our North American marketplace,” said Dennis Norman, Polymer Group’s Chief Financial Officer. “The project is expected to create approximately 41 highly skilled jobs at the Waynesboro, Virginia site, and represents a total investment of more than $65 million. This venture is part of the company’s continuing global growth strategy.”
“We recognize Polymer Group, Inc.’s commitment to grow their operations and remain at the forefront by employing industry-leading technologies to deliver superior products,” said Tom Quindlen, president and CEO of GE Capital, Corporate Finance. “We are dedicated to providing businesses with financing that will help them build their capabilities and grow.”