Wellman Sells Fiber Business

Fort Mill, SC, May 30, 2007--Wellman Inc., which makes polyester products and packaging resins, said Tuesday it sold its fiber-manufacturing equipment as it focuses on its chemicals business.

Wellman said it sold the equipment used to make its Wellstrand brand of fiber from recycled materials to privately held fiber distributor David C. Poole Co. of Greenville S.C.

Terms of the deal were not disclosed. Poole has agreed to license the Wellstrand brand name.

Wellman said last fall that it would cut costs by consolidating fiber production to its Darlington, S.C., plant and closing another in Johnsonville, S.C. The company said in February it would combine its polyester fiber and plastic resin operations into one chemical-based business segment.