Wellman, Inc. Sells Its European PET Resins Business to an Affiliate of Sun European Partners, LLP
Friday June 1, 5:30 pm ET
FORT MILL, S.C.--(BUSINESS WIRE)--Wellman, Inc. announced that it has sold its European PET Resins business ("PET Resins") to an affiliate of Sun European Partners, LLP. Terms of the transaction were not disclosed. PET Resins has the capacity to produce approximately 110 million pounds of PET resin annually, which is used to manufacture food and beverage containers and packaging for specialty applications.
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."
Ruud Enter, General Manager, PET Resins, said, "This is a fantastic opportunity for PET Resins. With the backing of Sun Capital Partners' affiliate, we now have the resources to expand our strategic operating objectives and deepen the penetration of the specialties resin marketplace."
Sebastien Kiekert Le Moult, Vice President, Sun European Partners, added, "We are pleased to have advised Sun Capital's affiliate on the acquisition of PET Resins and look forward to supporting PET Resins' management team in expanding its Specialties PET product range and increasing its market share based on its leading, application-enhanced, product development strategy. We believe that this business is a great addition to Sun Capital's portfolio of market-leading companies, including such well-known global manufacturing and flexible packaging businesses as Exopack Holding, Performance Fibers, and Autobar Packaging Group."
Wellman, Inc. manufactures and markets high-quality polyester products, including PermaClear® brand PET (polyethylene terephthalate) packaging resin and Fortrel® brand polyester fiber.
Sun European Partners, LLP is the European advisor to Sun Capital Partners, Inc., a leading U.S.-based investment firm focused on leveraged buyouts, equity, debt, and other investments in market-leading companies that can benefit from its in-house operating professionals and experience. Sun Capital affiliates have invested in and managed more than 155 companies worldwide since Sun Capital's inception in 1995 in the Unites States, with combined sales in excess of EUR 25.7 billion ($35 billion).
Source: Wellman, Inc.
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