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Polymer Group acquires Providencia
Polymer Group (PGI) today announced that it has acquired a controlling interest in Companhia Providencia Industria e Comercio [Bovespa: PRVI3] (Providencia), a Brazilian-based manufacturer of nonwovens used in healthcare, industrial and personal hygiene applications.
The acquisition is another significant milestone in PGI's strategy of accelerated global growth, as Providencia's leadership in Latin America enables PGI to serve an even broader range of customers in the Americas and globally.
For PGI, a world leader in nonwovens, the addition of Providencia creates opportunities for both companies to explore products, technologies and services to better meet customers' needs through an unbeatable combination of innovation, quality and service. Providencia will immediately begin operating under the PGI brand name.
"Providencia has built a strong business on its commitment to long-term relationships with its customers and innovative products and technologies for the hygiene, healthcare and industrial segments," said J. Joel Hackney Jr., Chief Executive Officer for PGI. "We believe this is the right time for this acquisition as it positions PGI for continued, accelerated growth in Latin America and across the globe. PGI and Providencia are stronger together."
PGI welcomes Herminio Vicente Smania de Freitas, Chief Executive Officer at Providencia, to the leadership of PGI, and the Providencia team to the PGI family. Mr De Freitas joins PGI as President of PGI's South America Region, which includes Argentina, Brazil and Colombia. He will also continue to serve as CEO of Providencia. Scott Tracey will serve as President of PGI's North America Region, which includes Canada, Mexico and the US.
"At PGI we're committed to successfully executing our growth strategy through the achievement of economic leadership, growth in new applications, winning in emerging markets, and developing and recruiting top talent," continued Joel Hackney. "This acquisition supports that strategy, as we work to create a safer, cleaner, and healthier world."
Founded in 1963, Providencia is a leader in the manufacture and sales of nonwovens in Brazil with a presence in the Americas and operating globally. The company's innovative technologies for nonwovens manufacturing serve a broad range of customers, particularly in the hygiene, healthcare and industrial sectors.
12th June 2014