Chinese firm acquires US recycler

Chinese composites materials maker Shanghai Pret Composites is to acquire Wellman Plastics Recycling in Johnsonville in an all-cash deal valued at more than US$70 million. The purchase includes all shares of Wellman Engineering Resins and DC Foam Recycle Inc.

According to Pret, as of last year, Wellman’s total assets were valued at US$73.6 million, including US$14.8 million in net assets. The company’s sales totalled US$162 million in 2012, increasing to US$164 million in 2013, and US$124 million for the first three quarters of 2014. Net profit was US$7.6 million in 2013 and US$6.1 million for the first three quarters of 2014.

Pret supplies its composite materials to the automotive industry and the purchase is an effort to secure a presence in the automotive compounding market in the US.

Wellman’s Engineering Resins division produces nylon, polyester and polypropylene resins for the automotive industry that are made from 100% post-consumer recycled materials.

Wellman Plastics Recycling was formed in 2008 following the bankruptcy and dissolution of Wellman Inc., which was one of the world's largest recyclers of plastic resin.


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