PGI Postpones Stock Offering
November 26, 2007,
Nonwoven material engineering company Polymer Group (PGI) said its planned public stock offering will be postponed, due to "poor market conditions."
"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.