Wellman Merges PET,Fibers Units

摘要

Wellman says it will consolidate its poly- ester fiber and polyethylene terephthalate (PET) businesses into one segment to "eliminate duplicate costs and maxi- mize operating performance." Under the plan,Wellman has named Steve Ates as v.p./sales and marketing;Mark Ruday as v.p./business operations;Ian Shaw v.p./manufacturing and R&D;and Joe Tucker as head of raw material procure- ment and strategic development.David Styka has also been named controller and chief accounting officer,succeeding Mark Ruday."The company has previously announced that we are exploring strategic alternatives for our noncore businesses,principally our European operations,and we will continue with that process," says Thomas M.Duff,chairman and CEO."These steps are intended to improve operating performance,cash flow,and return to our stockholders," Duff says.The company consolidated its U.S.fiber production at Darlington,SC,and closed fiber capacity at Johnsonville,SC last year (CW,Oct.4,2006,p.8).