<SUBMISSION>
<ACCESSION-NUMBER>0001181431-03-036290
<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 FUND III LP
<CIK>0001262799
</OWNER-DATA>
<FILING-VALUES>
<FORM-TYPE>4
<ACT>34
<FILE-NUMBER>001-14330
<FILM-NUMBER>031060011
</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 RAUMER LLC
<STREET2>SEARS TOWER #6100
<CITY>CHICAGO
<STATE>IL
<ZIP>60606-6402
</MAIL-ADDRESS>
</REPORTING-OWNER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd26116.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>0001262799</rptOwnerCik>
            <rptOwnerName>GOLDER THOMAS CRESSEY FUND III 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</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>D</value></directOrIndirectOwnership></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="F3"/></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><footnoteId id="F1"/></exerciseDate><expirationDate><footnoteId id="F2"/></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>D</value></directOrIndirectOwnership></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="F3"/></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><footnoteId id="F1"/></exerciseDate><expirationDate><footnoteId id="F2"/></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>D</value></directOrIndirectOwnership></ownershipNature></derivativeTransaction></derivativeTable><footnotes><footnote id="F1">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="F2">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="F3">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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</TEXT>
</DOCUMENT>
</SUBMISSION>
