Blackstone Group LP in Talks to Buy MatlinPatterson’s Polymer Group Inc.

Private-equity firm Blackstone Group LP (BX) is in exclusive, early-stage talks to buy chemical company MatlinPatterson’s Polymer Group Inc. (POLGA). Polymer is majority-owned by MatlinPatterson Global Advisors, a New York-based investment firm.

MatlinPatterson has been trying to sell Polymer, in which it the largest shareholder, for months. MatlinPatterson Global Advisers LLC owns about 65 percent of the company. It has a market capitalization of more than $400 million.

MatlinPatterson, the New York-based investment firm founded by David Matlin and Mark Patterson, have held a majority stake in Charlotte, North Carolina-based Polymer Group since recapitalizing the company and helping it emerge from bankruptcy protection in 2003.

Polymer Group generates more than 90 percent of its sales from nonwovens, including materials used in disposable diapers, surgical gowns and drapes, and disposable wipes.