Expands nonwovens business used in personal hygiene, healthcare and industrial applications
Polymer Group Inc (PGI), a US-based supplier of nonwoven fabrics for infection control, medical apparel and wound care applications, as well as wipes, has taken a controlling interest in Companhia Providencia Industria e Comercio, a Brazil-based manufacturer of nonwovens used in similar applications.
No financial details have been revealed.
Providencia's leading position in Latin America will enable PGI, which is located in Charlotte, NC, to serve a broader range of customers in the Americas and globally. The company 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 Joel Hackney, Chief Executive of 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.'
Herminio Vicente Smania de Freitas, Chief Executive of Providencia, joins PGI as President of the company's South America region, which includes Argentina, Brazil and Colombia. He will continue in his role as CEO of Providencia. Scott Tracey will be President of PGI's North America region, which includes Canada, Mexico and the US.