"We have restructured our management group functionally which will allow us to operate in a more efficient and cost effective manner. In the fourth quarter 2006, we decided to dispose of our European PET resins business and reflected those results and the expected loss on disposal in discontinued operations."
"We are exploring strategic alternatives for our European fibers business and our Engineering Resins business. Downer & Co, an investment bank, is working with us in evaluating options for our European fibers business. These actions are intended to allow us to improve our operating results, generate cash to pay down debt, and provide the highest possible return to our stockholders."
Keith Phillips, Wellman's Chief Financial Officer, commented, "Despite disappointing fourth quarter results we were able to reduce our debt by $23 million and we ended the year with over $100 million in committed availability. As a result of our plans to focus on our core businesses, we expect significant debt reduction in 2007."
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