PGI Acquires FiberwebReuters has reported that nonwovens giant Polymer Group, Inc. (PGI) has gained stronger support from Fiberweb‘s Board of Directors in PGI’s bid to acquire Fiberweb.  Fiberweb is a major international manufacturer of geotextiles, tree shelters, construction products and more. PGI initially made an offer in August 2013; today’s announced acquisition bid comes after the initial bid (97.5 pence per share) was increased (to 103.2 pence per share). The total sale, pending shareholder approval, is estimated to be worth £183 million (USD $291 million).
As of 9:30 am EDT, neither company had issued an official statement, though Fiberweb has published details of the offer and the Fiberweb Board’s recommendation here.
Polymer Group Inc. (PGI) is a leading global engineered materials company, focused primarily on the the production of nonwovens for the hygiene, wipes, medical, and industrial markets.
Fiberweb is a nonwovens manufacturer involved in filtration, civil engineering, medical products, railways, aerospace, buildings and agriculture. The company’s thermally-bonded nonwoven Typar line, with more than 40 years of project innovation behind it, is one of the oldest and most successful international geotextile brands.