WELLMAN, INC.

WELLMAN, INC.

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Company Overview
Wellman, Inc. is an international corporation manufactures plastic packaging, fibers and engineering resins. The company was founded in 1927 and has its registered headquarters located in Fort Mill, South Carolina, United States of America. It is a publicly quoted company listed on the New York Stock Exchange under the ticker symbol WLM.
Wellman is a leader in polyester fiber and polyethylene terephthalate (PET) resin manufacturing. The company operates in two segments, chemical-based and recycled-based.
The company’s chemical-based segment manufactures and markets PermaClear, PermaClear HP, and Thermaclear Ti solid-stated PET resin from chemical-based raw materials for use in the manufacture of plastic beverage bottles and other food packaging; and Fortrel chemical-based polyester staple fiber for use in non-woven, home furnishing, and industrial products. These chemical-based polyester products are produced at Wellman’s Palmetto plant located in Darlington, South Carolina, and its Pearl River plant, located in Hancock country, Mississippi. The company sells its products to a group of customers, including North American and South American manufacturers of various types of plastic containers and textiles.
Wellman’s recycled-based segment provides Wellamid and Wellamid Ecolon recycled-based nylon engineering resin in the United States for use in the injection molding industry, and recycled-based polyester staple fiber in Europe sold under the trade names of Wellbond, Wellene and Fillwell for use in non-woven, home furnishing and industrial products. The company’s engineering resin business, located in Johnsonville, primarily manufactures and markets nylon engineering resin under the Wellamid and Wellamid Ecolon brands to the injection molding industry. In Europe, Wellman manufactures polyester staple fiber primarily from recycled raw materials at its production facility in Mullagh, Ireland.
The company operates primarily in the United States, Ireland, and the Netherlands. It also has offices in Germany, United Kingdom, and France.
Business Summary
Wellman, Inc. (Wellman) operates through two segments, a chemical-based segment and a recycled-based segment. The Company’s chemical-based segment is principally engaged in the manufacturing and marketing of PermaClear polyethylene terephthalate (PET) packaging resin and Fortrel polyester staple fiber. At December 31, 2007, this segment had stated annual operating capacity to manufacture approximately 1.9 billion pounds of polyester, consisting of 1.4 billion pounds of solid-stated PET resin and 0.5 billion pounds of polyester staple fiber. Its recycled-based segment is principally engaged in the manufacturing and marketing of recycled-based polyester staple fiber in Europe and Wellamid, and Wellamid Ecolon recycled-based nylon engineering resin in the United States. In February 2008, the Company announced that it and certain of its subsidiaries filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code for the Southern District of New York.
Description and history
Wellman, Inc. (Wellman) operates through two segments, a chemical-based segment and a recycled-based segment. The Company’s chemical-based segment is principally engaged in the manufacturing and marketing of PermaClear polyethylene terephthalate (PET) packaging resin and Fortrel polyester staple fiber. At December 31, 2007, this segment had stated annual operating capacity to manufacture approximately 1.9 billion pounds of polyester, consisting of 1.4 billion pounds of solid-stated PET resin and 0.5 billion pounds of polyester staple fiber. Wellman manufactures these products at two major production facilities in the United States. Its recycled-based segment is principally engaged in the manufacturing and marketing of recycled-based polyester staple fiber in Europe and Wellamid, and Wellamid Ecolon recycled-based nylon engineering resin in the United States for use in the injection molding industry. At December 31, 2007, this segment had stated annual operating capacity to manufacture approximately 0 70 million pounds. In October 2008, Wellman and the newly formed Wellman Plastics Recycling announced that they have completed the sale of Wellman’s Engineering Resins business and other assets located on its Johnsonville, South Carolina site.

In February 2008, the Company announced that it and certain of its subsidiaries filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code for the Southern District of New York. In June 2008, Wellman announced that the Company and its debtor subsidiaries have filed a Joint Plan of Reorganization (the Plan), a Disclosure Statement (the Disclosure Statement) and related documents with the United States Bankruptcy Court for the Southern District of New York (the Bankruptcy Court). In September 2008, the Company announced that it filed an amended plan of reorganization (Plan) with the Bankruptcy Court.

Chemical-Based Segment

The Company’s chemical-based segment manufactures and markets PermaClear, PermaClear HP and Thermaclear Ti solid-stated PET resin from chemical-based raw materials for use in the manufacturing of plastic beverage bottles and other food packaging, and Fortrel chemical-based polyester staple fiber for use in home furnishing, non-woven, apparel and industrial products. These chemical-based polyester products are produced at Wellman’s Palmetto Plant located in Darlington, South Carolina and its Pearl River Plant, located in Hancock County, Mississippi. Wellman sells to a group of customers, including North American and South American manufacturers of various types of plastic containers and textiles. Graham Packaging Holding, Inc. represented approximately 15% of the Company’s total net sales during 2007.

Recycled-Based Segment

Wellman’s recycled-based segment recycled-based segment, consisting of its engineering resin business located in Johnsonville, South Carolina, manufactures and markets nylon engineering resin under the Wellamid and Wellamid Ecolon brands for use in the injection molding industry. These resins, which are used primarily in automotive applications, are produced using post-industrial, post-consumer and virgin nylon compounded with various additives (glass, fibers, minerals and fire retardant) to impart desired performance characteristics.

Business Line
Manufactures plastic packaging, fibers and engineering resins
Subsidiary
MIDDLEWICH LIMITED
Advisor
ERNST & YOUNG LLP
IPO date
6/1987
US SIC Code
2821
Company Address
Suite 1041
521, Corporate Center Drive
City province or state postal code
29715, FORT MILL, SC
Phone: +1 803 835 2000
Fax:
Country address: UNITED STATES OF AMERICA
Website url: www.wellmaninc.com

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