Wellman closes on sale of Johnsonville plant

By Jennifer Lanning Drey

Portland, Ore., Oct. 22 - Wellman Inc. has completed the sale of its Engineering Resins business and other assets located on its Johnsonville, S.C., site, according to a news release.

The assets were purchased by a new company backed by an investor group led by J.H. Whitney & Co. and management, which will be known as Wellman Plastics Recycling and will operate businesses under both the Wellman Plastics Recycling and Wellman Engineering Resins names.

"Today marks an important step forward for both the new organization in Johnsonville and Wellman, Inc.'s remaining chemical-based businesses," Mark Ruday, chief executive officer of Wellman, said in the release.

Wellman is a Fort Mill, S.C., polyester products manufacturer. It filed for bankruptcy on Feb. 22, 2008. Its Chapter 11 case number is 08-10595.

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