Chinese Company Acquires Wellman Plastics Recycling

摘要

Shanghai Pret Composites Co. Ltd., a Chinese company, announced last week that it will acquire Wellman Plastics Recycling LLC in Johnsonville in an all-cash deal valued at more than $70 million, reported The State (South Carolina). The purchase includes all shares of Wellman Engineering Resins and DC Foam Recycle Inc. Pret is a growing maker of composite materials for the automotive industry. The purchase is an effort to secure a presence in the auto compounding market in the U.S. "This move will be the company's 'starting point' with continued efforts to expand globally," Pret told the newspaper.