Wellman, Inc., Fort Mill, S.C., has signed a letter of intent to sell its Engineering Resins Div. and its entire Johnsonville, S.C., manufacturing facility to an investor group of three private-equity firms.
Wellman, Inc., Fort Mill, S.C., has signed a letter of intent to sell its Engineering Resins Div. and its entire Johnsonville, S.C., manufacturing facility to an investor group of three private-equity firms. The deal was to close last month. The division to be sold makes nylon and PET molding compounds. Much of the nylon feedstock comes from carpet recycling. The Johnsonville site includes a 235-million-lb PET staple fiber plant and a 190-million-lb PET bottle recycling operation, which was shut down in 2006. The investor group owns another PET bottle recycler, New Horizons Plastics Recycling (formerly NTM Plastics), Greenville, S.C. Wellman retains production of PET bottle resins and is moving to Waveland, Miss.