24 October 2008 01:12 [Source: ICIS news]
HOUSTON (ICIS news)--US-based plastics manufacturer Wellman has completed the sale of its Johnsonville assets in South Carolina to a new entity called Wellman Plastics Recycling, the company’s director said on Thursday.
The newly-formed company will take over operations of Wellman’s 600 acre Johnsonville site, which includes about 160 employees, plastic resin and staple fibre production and a recycling plant, sources said.
Robert Fotsch, CEO of Wellman Plastics Recycling, said the company is backed by an investment group led by JH Whitney & Co and will also operate the engineering resins business using mostly post-consumer recycled (PCR) nylon feedstock.
Fotsch - who will maintain his position as CEO of New Horizons Plastics Recycling, a Greenville, SC-based PET recycling business - said Wellman Plastics Recycling is a separate company from New Horizons and will keep headquarters in Johnsonville.
Specific terms of the deal were not yet available, he said.
($1 = €0.78)
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