PGI Postpones Stock Offering
David Perry -- Furniture Today, November 26, 2007
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, the company had stated earlier this month.
"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.
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