Issue Date: October 6, 2008
Wellman Will Sell South Carolina Plant
Wellman has signed a letter of intent to sell its Johnsonville, S.C., site to an investor group. Wellman filed for bankruptcy in February. Earlier this month, it announced a plan to emerge from bankruptcy by centralizing operations at its large polyethylene terephthalate (PET) resin plant in Pearl River, Miss. The Johnsonville plant manufactures polyester fiber and nylon engineering resins. The site is also home to an idle PET bottle recycling operation. The buyer is a group that includes JHW Greentree Capital, GarMark Partners, and Westwind Equity Partners. The group previously invested in New Horizon Plastics Recycling, a PET recycler in Greenville, S.C., and says it plans to restart the recycling operation in Johnsonville.
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