Wellman Inc announced that it sold its European recycled-based fibers business (WIL) for approximately $38 million to an affiliate of AURELIUS AG (AURELIUS). WIL has the capacity to produce approximately 185 million pounds of polyester fiber primarily using post-consumer recycled materials. The fibers are used in a wide range of applications including personal hygiene, upholstered furniture, loose-filled bed products, car interior trim and industrial uses.
Thomas M. Duff, Wellman's Chairman and Chief Executive Officer, stated, "The sale of this business reflects our strategy to focus on our U.S. chemical-based business."
Dick Budden, Managing Director of WIL said, "We are pleased with the result of Wellman's investigation of strategic alternatives for our business. With the support of AURELIUS we shall continue providing first class products and service to all our customers, and have the resources to expand our business, both in fibres and in recycled materials for other applications."
Dirk Markus, CEO of AURELIUS said, "This is an excellent addition to AURELIUS's portfolio and is an attractive investment opportunity which is expected to increase our earnings. Additionally, WIL's manufacturing process uses recycled raw materials, which helps the environment and meets politically and socially important objectives in Europe."
marketing@alchempro.com
