Issue Date: September 26, 2011
Indorama Will Buy European Recycler
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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