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Xerium Technologies, Inc. (NYSE:XRM), a leading global manufacturer of clothing and roll covers used primarily in the paper production process, today announced that on August 2, 2012, it received notification from the New York Stock Exchange (NYSE) that it was not in compliance with a NYSE standard for continued listing of the Company’s common stock on the exchange. Specifically, the Company is considered below the continued listing criteria by the NYSE because the Company’s average total market capitalization over a consecutive 30 trading day period has been less than $50 million and its most recently reported stockholders’ equity was less than $50 million.
Under NYSE rules, the Company has 45 days from the date of the notice to submit a plan to the NYSE to demonstrate its ability to achieve compliance with the market capitalization listing standards within 18 months of receiving the notice. The Company intends to submit such a plan and has notified the NYSE that it intends to cure the deficiency within the prescribed timeframe. During this cure period, the Company’s shares will continue to be listed and traded on the NYSE, subject to the Company’s compliance with other NYSE continued listing standards.
The Company’s business operations, credit agreement and Securities and Exchange Commission reporting requirements are unaffected by this notice.
About Xerium Technologies
Xerium Technologies, Inc. (NYSE:XRM) is a leading global manufacturer and supplier of two types of consumable products used primarily in the production of paper-clothing and roll covers. The Company, which operates around the world under a variety of brand names, utilizes a broad portfolio of patented and proprietary technologies to provide customers with tailored solutions and products integral to production, all designed to optimize performance and reduce operational costs. With 31 manufacturing facilities in 14 countries around the world, Xerium has approximately 3,400 employees.