<SUBMISSION>
<ACCESSION-NUMBER>0001181431-03-036295
<TYPE>4
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20031216
<FILING-DATE>20031217
<ISSUER>
<COMPANY-DATA>
<CONFORMED-NAME>POLYMER GROUP INC
<CIK>0000927417
<ASSIGNED-SIC>2221
<IRS-NUMBER>571003983
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>0103
</COMPANY-DATA>
<BUSINESS-ADDRESS>
<STREET1>4838 JENKINS AVE
<CITY>NORTH CHARLESTON
<STATE>SC
<ZIP>29405
<PHONE>8037445174
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>4838 JENKINS AVENUE
<CITY>NORTH CHARLESTON
<STATE>SC
<ZIP>29405
</MAIL-ADDRESS>
</ISSUER>
<REPORTING-OWNER>
<OWNER-DATA>
<CONFORMED-NAME>GOLDER THOMAS CRESSEY & RAUNER LP
<CIK>0001262797
</OWNER-DATA>
<FILING-VALUES>
<FORM-TYPE>4
<ACT>34
<FILE-NUMBER>001-14330
<FILM-NUMBER>031060057
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>C/O GTCR GOLDER RAUNER LLC
<STREET2>SEARS TWR. #6100
<CITY>CHICAGO
<STATE>IL
<ZIP>60606-6402
<PHONE>3123822200
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>C/O GTCR GOLDER RAUNER LLC
<STREET2>SEARS TOWER #6100
<CITY>CHICAGO
<STATE>IL
<ZIP>60606-6402
</MAIL-ADDRESS>
</REPORTING-OWNER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd26096.xml
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType><periodOfReport>2003-12-16</periodOfReport><notSubjectToSection16>1</notSubjectToSection16>
    <issuer>
        <issuerCik>0000927417</issuerCik>
        <issuerName>POLYMER GROUP INC</issuerName>
        <issuerTradingSymbol>NONE</issuerTradingSymbol></issuer><reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001262797</rptOwnerCik>
            <rptOwnerName>GOLDER THOMAS CRESSEY &amp; RAUNER LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O GOLDER, THOMA, CRESSEY, RAUNER, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>6100 SEARS TOWER</rptOwnerStreet2>
            <rptOwnerCity>CHICAGO</rptOwnerCity>
            <rptOwnerState>IL</rptOwnerState>
            <rptOwnerZipCode>60606</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>0</isDirector><isOfficer>0</isOfficer><isTenPercentOwner>1</isTenPercentOwner><isOther>0</isOther></reportingOwnerRelationship></reportingOwner><nonDerivativeTable><nonDerivativeTransaction><securityTitle><value>Class B Common Stock, par value $.01 per share (1)</value></securityTitle><transactionDate><value>2003-12-16</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>D</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>70331</value></transactionShares><transactionPricePerShare><value>6.25</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>0</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>See footnote (1)</value><footnoteId id="F1"/></natureOfOwnership></ownershipNature></nonDerivativeTransaction></nonDerivativeTable><derivativeTable><derivativeTransaction><securityTitle><value>Series A Warrants (right to buy)</value></securityTitle><conversionOrExercisePrice><value>.01</value></conversionOrExercisePrice><transactionDate><value>2003-12-16</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>D</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>87678</value></transactionShares><transactionPricePerShare><footnoteId id="F4"/></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><footnoteId id="F2"/></exerciseDate><expirationDate><footnoteId id="F3"/></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Class D Common Stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>87678</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>0</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>See footnote (1)</value><footnoteId id="F1"/></natureOfOwnership></ownershipNature></derivativeTransaction><derivativeTransaction><securityTitle><value>Series B Warrants (right to buy)</value></securityTitle><conversionOrExercisePrice><value>.01</value></conversionOrExercisePrice><transactionDate><value>2003-12-16</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>D</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>92053</value></transactionShares><transactionPricePerShare><footnoteId id="F4"/></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><footnoteId id="F2"/></exerciseDate><expirationDate><footnoteId id="F3"/></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Class E Common Stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>92053</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>0</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>See footnote (1)</value><footnoteId id="F1"/></natureOfOwnership></ownershipNature></derivativeTransaction></derivativeTable><footnotes><footnote id="F1">Golder, Thoma, Cressey Fund III Limited Partnership ("GTC Fund III") is the direct beneficial owner of the shares of common stock reported.  Golder, Thoma, Cressey, Rauner, L.P. ("GTCR"), a limited partnership, is the general partner of GTC Fund III.  GTCR expressly disclaims beneficial ownership of the shares reported in Table I.  The filing of this form shall not be deemed an admission that GTCR is, for purposes of Section 16 or otherwise, the beneficial owner of such securities.</footnote><footnote id="F2">The warrants become exercisable upon the Issuer's delivery of a written notice to the warrantholder thirty (30) calendar days prior to any Distribution (as defined in the Issuer's Amended and Restated Certificate of Incorporation) or the consummation of a change of control.</footnote><footnote id="F3">The warrants expire upon the earlier of March 4, 2010 and the business day preceding the consummation of a change of control.</footnote><footnote id="F4">The sale price for each warrant is equal to $.00001 per warrant.</footnote></footnotes><ownerSignature><signatureName>/s/ Bruce V. Rauner</signatureName><signatureDate>2003-12-17</signatureDate></ownerSignature></ownershipDocument>



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</SUBMISSION>
