Tricor Pacific Capital has completed its acquisition of FabPro Oriented Polymers LLC from Polymer Group Inc. (OTC BB: POLGE). No financial terms were disclosed. FabPro is a Kingman, Kan.-based maker of performance polymers and synthetic fibers for the agricultural, construction and commercial segments.
Polymer Group, Inc. (OTC Bulletin Board: POLGE; POBLE) today announced it has consummated the previously announced transaction to sell its wholly owned subsidiary, FabPro Oriented Polymers, LLC, to an affiliate of Tricor Pacific Capital, Inc.
Net proceeds from the transaction will be used to reduce the company’s senior secured debt balances.
“We are very pleased to have completed this transaction,” said Veronica (Ronee) Hagen, chief executive officer. “The transaction enables PGI to further focus on our core businesses of hygiene, medical, wipes and industrial and provides new ownership to the FabPro business that is aligned with their growth potential.”
Polymer Group, Inc., one of the world’s leading producers of nonwovens, is a global, technology-driven developer, producer and marketer of engineered materials. With the broadest range of process technologies in the nonwovens industry, PGI is a global supplier to leading consumer and industrial product manufacturers.