Plastics News China is reporting that Shanghai Pret Composites Co. Ltd. is acquiring Wellman Plastics Recycling LLC of Johnsonville one of the largest recyclers in the U.S.
AKC Note: 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 in Johnsonville, S.C. to an investor group led by J.H. Whitney & Co. The new company has expanded production and has been one of the largest PET recyclers in the U.S. The article refers to an acquisition price of $70.45 million. There have been comments in the market for the last 6 months that the owners of Wellman Plastics Recycling were interested in selling the business if they received an acceptable offer, and it would seem that this has happened.
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