Wellman reports record FY results
US-based manufacturer of polyester products Wellman, Inc. has reported sales of $324.5 million for the fourth quarter and record sales of $1.3 billion for the full year ended December 31. Net loss from continuing operations attributable to common stockholders for the quarter was $25.6 million compared with $47.2 million for the comparable prior year quarter. For the full year 2006, the company posted a net loss of $98.1 million, down from $72.7 million in 2005.
The company also announced that it has decided to dispose of its European PET resins business. Commenting on the decision, chairman and CEO, Tom Duff, stated, “In light of our 2006 results, we have made the strategic decision to focus on our chemical-based PET resin and polyester fibre businesses. This will allow us to capitalise on our two world-class facilities which utilise some of the latest technology to produce high quality, value-added products. We have restructured our management group functionally which will allow us to operate in a more efficient and cost effective manner. In the fourth quarter 2006, we decided to dispose of our European PET resins business and reflected those results and the expected loss on disposal in discontinued operations. We are exploring strategic alternatives for our European fibres business and our Engineering Resins business.”
Wellman’s polyester products include Fortrel brand polyester fibre and PermaClear brand PET (polyethylene terephthalate) packaging resin.
