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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported): September 10, 1998
POLYMER GROUP, INC.
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(Exact name of registrant as specified in its charter)
Delaware 1-14330 57-1003983
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(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
4838 Jenkins Avenue, North Charleston, SC 29405
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (803) 566-7293
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Not Applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
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On September 10, 1998, the Board of Directors accepted the resignation
of John F. Ruffle, who served as a member of the Company's Board of
Directors since May 1997. Mr. Ruffle's current term would have expired
at the Annual Meeting of Stockholders in May 2000. Mr. Ruffle's
resignation was for personal and family reasons, and was not due to
any disagreement with the Company on any matter relating to the
Company's operations, policies or practices.
During the meeting of the Board on September 10, 1998, the Board of
Directors unanimously voted to appoint Duncan M. O'Brien, Jr. to fill
a vacancy created by the resignation of Mr. Ruffle. The Company issued
a press release announcing the appointment, which is attached hereto
as Exhibit 99.1 and incorporated herein by reference.
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SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
POLYMER GROUP, INC.
Dated: September 10, 1998 By: /s/ JAMES G. BOYD
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James G. Boyd
Executive Vice President and Chief
Financial Officer
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INDEX TO EXHIBITS
Exhibit
Number Exhibit
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99.1 Press Release dated September 10, 1998 issued by Polymer Group, Inc.
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EXHIBIT 99.1
POLYMER GROUP, INC. APPOINTS NEW BOARD MEMBER
For Immediate Release
Thursday, September 10, 1998
[North Charleston, SC] - Polymer Group, Inc. (NYSE: PGI) announced today that
Duncan M. O'Brien has been appointed to the PGI Board of Directors. Mr. O'Brien
was elected by the full Board of Directors at a meeting today.
Mr. O'Brien currently serves as Vice Chairman of George K. Baum & Company, a
Kansas City, Missouri-based investment banking firm. Prior to joining George K.
Baum in May 1998, Mr. O'Brien served for fourteen years as an associate and Vice
President in the Corporate Finance Department of the investment banking firm of
Goldman, Sachs & Co. in New York, NY. From June 1993 until April 1995, Mr.
O'Brien headed Goldman Sachs' Australasian operations in Sydney.
Mr. O'Brien was appointed to fill a vacancy in the Board of Directors resulting
from the resignation of John F. Ruffle, who resigned, effective today, due to
family medical reasons.
Jerry Zucker, Chairman, President and CEO of Polymer Group stated, "We are
pleased to welcome Duncan O'Brien to the PGI Board of Directors. He has
significant and broad international experience in strategic planning and
corporate finance and is familiar with Polymer Group and PGI management, having
served as a financial advisor to the Company while at Goldman Sachs. We regret
the loss of Board member John Ruffle. On behalf of the Board of Directors, I
want to thank John for his dedicated service to the Company."
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Polymer Group, Inc., the world's third largest producer of nonwovens, is a
global, technology-driven developer, producer and marketer of engineered
materials. PGI's principal business lines include disposable hygiene, medical,
wiping and specialized industrial applications. With the broadest range of
process technologies in the nonwovens industry, PGI is a global supplier to
leading consumer and industrial product producers. The Company employs more than
3,600 people and operates 22 manufacturing facilities throughout the world.
Polymer Group, Inc. is the exclusive manufacturer of Miratec(R) fabrics,
produced using proprietary advanced laser technologies, which the Company
believes have the potential to replace traditionally woven and knit textiles in
a wide range of applications. Miratec(R) is a registered trademark of Polymer
Group, Inc.
Except for historical information contained herein, the matters set forth in
this press release are forward-looking statements that involve certain risks and
uncertainties that could cause actual results to differ materially from those
described in the forward-looking statements. Factors that may cause actual
results to differ from those indicated in forward-looking statements can
include, but are not limited to, the following: (i) increased competition in
markets in which the Company competes, (ii) increased costs, and (iii) changes
in conditions of the general economy. Investors and other readers are directed
to consider the risks and uncertainties discussed in documents filed by Polymer
Group, Inc. with the Securities and Exchange Commission, including the Company's
Registration Statement on Form S-4, declared effective on July 1, 1998.
For further information, please contact:
James Bryant or Robert Johnston
Investor Relations
Polymer Group, Inc.
4838 Jenkins Avenue
North Charleston, South Carolina 29405
Telephone No.: (803) 566-7293
E-mail: [email protected]
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