Posted January 11, 2015

 

JOHNSONVILLE, S.C. – Shanghai Pret Composites Co. Ltd. is acquiring Wellman Plastics Recycling (WPR) LLC, one of the largest PET recyclers in the U.S. The all-cash deal reportedly is worth $70 million.

 

WPR, based here, produces 100 percent recycled nylon and polypropylene products for the automotive, furniture, electronics and other industries.

 

Wellman Plastics Recycling and Wellman Engineering Resins were formed in 2008 when Wellman Inc. completed the sale of its engineering resins business and other assets here to an investor group led by J.H. Whitney & Co., according to industry analyst Alasdair Carmichael of PCI Fibres in an email announcing the news to subscribers.

 

“We are excited about joining PRET to establish a true global manufacturing footprint, so we can effectively service our customers in the U.S., Europe and Asia,” Wellman CEO Robert Frotsch said in a statement. “We look forward to introducing our 100 percent recycled compound resins in China for our current automotive customers. This acquisition would increase Wellman’s in-house technical capabilities and will only serve to strengthen our ability to service our customers in the U.S. and abroad.”

 

Wellman currently employs 840 full-time people in a 2-million-square-foot facility here. Scott Taylor, Wellman vice president of risk management, told The Florence (S.C.) News that no layoffs are expected and management will remain in place.

 

“Operationally it will be business as usual,” Taylor told the newspaper. “Things will continue as they usually are. We look at this as an opportunity to join a company who is in the same business that has growth opportunities and wants to grow as well.”