Polymer Group, Inc. (PGI) today announced that it has signed a definitive agreement to acquire a controlling interest in Companhia Providencia Industria e Comercio [Bovespa: PRVI3] ("Providencia"), a Brazilian manufacturer of nonwovens used in hygiene, healthcare and industrial applications. This acquisition further accelerates PGI's global growth strategy by extending its presence into Brazil, an attractive and high-growth region, and enhancing its capabilities in North America. Completion of the acquisition is subject to customary closing conditions, including approval of the acquisition by antitrust authorities.
PGI is the world leader in nonwovens manufacturing, with operations in 13 countries across North America, South America, Europe and the Asia-Pacific region. Once completed, the acquisition of Providencia will enable the company to serve a more diverse range of customers in Latin America with its innovative products and world-class service.
"The acquisition of Providencia is exciting for PGI, as it aligns directly with our strategic commitment to global growth," said J. Joel Hackney Jr., Chief Executive Officer for PGI. "Providencia has built a vibrant business serving customers focused on hygiene, healthcare and industrial applications, all of which are core focus areas for PGI. The complementary nature of our businesses and Providencia's established relationships with its customers make it a perfect fit to join the PGI family."
With the acquisition, PGI will welcome Herminio Vicente Smania de Freitas, Chief Executive Officer at Providencia, as he joins the PGI lead team and continues to serve as CEO of Providencia.
"At Providencia, we are proud of our history in nonwovens manufacturing and the strong business we have built," said Herminio Vicente Smania de Freitas. "We look forward to this next chapter in our business, as we work with PGI's leadership to serve customers throughout Latin America with unmatched service, quality and innovation."
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