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PGI Reports Increase In First Quarter

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By: Tara Olivo

Associate Editor at Nonwovens Industry, Rodman Media

PGI’s net sales increased $38.6 million, or 9.1%, to $461.2 million in the first quarter of 2015 compared with $422.6 million in the first quarter of 2014. Providencia contributed $78.4 million in incremental growth. Net sales decreased $38.2 million from the fourth quarter of 2014, primarily as a result of lower raw material costs and the associated pass through.

Excluding acquisitions, volumes increased 1.2% compared to the prior year period. Volumes increased 2.3% excluding the exit from the roofing business in Europe.

North America growth was driven by Fiberweb, higher spunmelt volumes, higher demand for hygiene products, technical specialties and productivity improvements. South America benefited from Providencia, improved hygiene markets and a manufacturing line upgrade. 

Asia was predominately flat as volume decreases were offset by price and mix improvements. Europe saw increases in the hygiene markets. All segments, excluding Asia, were impacted by lower raw material costs and related pass through. After special charges of $6 million and a non-cash foreign currency expense of $43.9 million, net loss attributable to PGI was $39.6 million compared to $9.5 million a year ago and $30.7 million in the fourth quarter of 2014. 

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