USA:Dividend time at non wovens maker Polymer Group Inc

World''s leading producers of nonwovens, Polymer Group Inc announced its Board of Directors has declared a dividend on its 16 percent Series A Convertible Pay-in-Kind Preferred Stock, par value $0.01 per share, (the "Preferred Stock") payable August 19, 2005 to holders of record as of August 15, 2005.

Under the terms of the Preferred Stock, dividends accrue at the rate of 16 percent per annum and are payable, at the option of the company, in cash or additional shares of Preferred Stock, or a combination thereof. The company will pay the dividend through the issuance of additional shares of Preferred Stock.

A dividend in the amount of 0.080 shares of additional Preferred Stock will be paid per share of outstanding Preferred Stock to holders of record as of August 15, 2004, for the period January 1, 2005, through June 30, 2005.

The company will issue an aggregate of approximately 4,660 shares of Preferred Stock as a dividend. No fractional shares will be issued.

US based Polymer Group Inc, technology-driven developer, producer and marketer of nonwovens & engineered materials. With the broadest range of process technologies in the nonwovens industry, PGI is a global supplier to leading consumer and industrial product manufacturers. The company operates 21 manufacturing facilities throughout the world.