Prospector
Profile
07.1421
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| Propex, Inc. |
NAICS |
313210 |
| 260 The Bluffs
Austell, GA 30168 |
Description |
Fabric Mills |
| (770) 941-1711 |
Employees |
3200 |
| http://www.propexinc.com/ |
Revenue |
(mil) |
742.8000 |
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Income |
(mil) |
1.8000 |
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Assets |
(mil) |
610.3000 |
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Liability |
(mil) |
499.1000 |
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(for the year ended 2006-12-31) |
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Category:
Low Rating
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Event:
Moody's Investors Service downgraded the Corporate Family Rating of Propex Inc.'s to Caa1 from B2, reflecting very high leverage in recent quarters and expectations of very weak internal cash flow generation in relation to debt obligations in the near term. The outlook for the ratings, which had been negative since January 2007, is stable. Moody's also downgraded the Probability of Default Rating to Caa1 from B2; and downgraded to Caa2 (LGD 5, 81%) from Caa1 (LGD 5, 82%) the $150 million senior unsecured notes due 2012. The stable outlook reflects the high likelihood of a continuing core level of demand for the company's products, company's leading position in its markets, indications of progress with cost cutting efforts and the company's relatively low capital expenditure requirements in the medium term.
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Intellectual Property:
The Company owns or licenses several United States and foreign patents and has several patent applications currently under file with the United States and foreign patent offices. The Company has patented positions used in the manufacture of Matrix® carpet backing, Pyramat® High Performance Turf Reinforcement Mats, as well as X3 and e3 fiber technologies. It also has several registered trademarks that are well recognized, such as Polybac® and Actionbac® in carpet backing, Geotex®, Landlok®, Pyramat® and Petromat® in geosynthetics, Fibermesh® in fiber reinforced concrete and Duon® in furniture and automotive fabrics. [SEC Filing 10-K 04-02-07]
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Description:
The Company is the world's largest independent producer of primary and secondary carpet backing and a leading manufacturer and marketer of woven and nonwoven polypropylene fabrics and fibers used in geosynthetic applications and a variety of other industrial applications such as fabric bags/containers, fabric protective coverings and concrete fiber reinforcement.
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Officers:
Joseph F. Dana (Pres. & CEO); Lee McCarter (CFO); Michael Coffin (COO); Edgar Bridger (VP); Theo Stroot (Dir ); Joao Alberto Panceri (Dir)
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Auditor:
Ernst & Young LLP
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Securities:
10 common shares outstanding as of Aug. 3, 2007.
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