PGI postpones stock offering
By Staff -- Home Textiles Today, 11/15/2007 1:18:00 PM
Charlotte, N.C. – Nonwoven material engineering company Polymer Group (PGI) said its planned public stock offering will be postponed, due to “poor market conditions.”
Proceeds from the stock offering would have been used to reduce debt under PGI’s senior secured credit facility.
“Our decision,” said ceo Veronica Hagen, “is primarily due to volatile market conditions that do not provide for the right environment to maximize shareholder value through our intended initiatives. We will continue to monitor the financial markets for future opportunities to move forward with our planned sale of shares.”
In addition, the company said its Class A Common Stock will not be listed on the New York Stock Exchange as planned, and will continue to trade under its current ticker symbol.
We would love your feedback!
-
PGI Postpones Stock Offering
Nov 26, 2007
Featured Company
-
Wright Labels
Bill and Tom Wright founded Wright of Thomasville in 1961 on the idea that printing was a creative medium and the belief that "a promise made is a promise kept." The Wright brothers focused their attention on providing exceptional printing for the... more
