April 8, 2010 (FinancialWire) — Polymer Group, Inc. (OTCBB: POLGA) (OTCBB: POLGB) said that its board of directors is evaluating strategic alternatives which could include the sale, merger or recapitalization of the company.

The company said it does not plan to disclose developments regarding this process unless and until the board of directors has approved a specific transaction.

PGI’s board of directors has established a special committee comprised of independent directors to evaluate the strategic alternatives. The company said it has retained Blackstone Advisory Partners LP as its financial advisor and Cravath, Swaine & Moore LLP as its legal advisor to assist in its evaluation. The special committee has retained Janney Montgomery Scott LLC as its financial advisor and Richard, Layton & Finger as its legal advisor to assist in its evaluation.

North Carolina-based Polymer Group is a producer of nonwovens and a developer, producer and marketer of engineered materials. The company operates 14 manufacturing and converting facilities in nine countries throughout the world.

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