New Jersey based textile polymer products, textile fiber, staple, polyester and resins for packaging maker company Wellman Inc Board of Directors announced that Kevin Kruse, a Warburg Pincus Vice President, has joined the Company's Board, effective immediately.
Kruse will be replacing Oliver Goldstein, who has resigned from the Wellman board.
Goldstein, a former Warburg Pincus Managing Director, had been a member of the Wellman Board of Directors since February 2003, when Warburg Pincus made its initial investment in Wellman.
Thomas Duff, Wellman's Chairman and Chief Executive Officer, stated, "They are pleased to welcome Kevin to Wellman's Board.
Kevin's broad financial experience will be a valuable asset to the Company.
At the same time, they would like to extend their appreciation to Oliver for his valuable contributions to the Company over the last several years."
Kruse has served as Vice President of Warburg Pincus since January 2003 and has been employed by Warburg Pincus since February 2002.
Prior to joining Warburg Pincus, Kruse was employed by AEA Investors Inc. where he focused on private equity opportunities in industrial and consumer products companies. Previously, he was employed by Bain & Co, a management investment consulting firm. Kruse is a director of Knoll, Polypore International and TransDigm.
Wellman Inc manufactures and markets high-quality PermaClear brand PET (polyethylene terephthalate) packaging resin and Fortrel brand polyester staple fibers.
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