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Business

Indorama Will Buy European Recycler

by Alexander H. Tullo
September 26, 2011 | A version of this story appeared in Volume 89, Issue 39

Thailand’s Indorama Ventures is buying Wellman International, Europe’s largest polyethylene terephthalate (PET) recycler, from German private equity firm Aurelius for about $58 million. Wellman runs an 80,000-metric-ton-per-year polyester fiber plant in Ireland, as well as plants that turn waste PET into polyester fiber in France and the Netherlands. Wellman International had 2010 sales of about $170 million. Aurelius bought Wellman International from the U.S. firm Wellman Inc. in 2007, shortly before the latter declared bankruptcy.

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