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One of the country’s largest plastics recycling firms, and its subsidiary DC Foam Recycling, Johnsonvile, S.C., is being acquired by Shanghai Pret Composites, Ltd., a leading automotive plastics compounder, in an all-cash deal of over $70 million. Completion of the acquisition is expected by end of first quarter.

            Robert Taylor, v.p., of PET Resins and Fibers at Wellman says, there are no major changes being made in terms of senior and middle management, including Wellman’s CEO Robert Fotsch who will be head of North American operations Shanghai Pret. This is the Chinese company's first entry into the North American market, and part of its planned global expansion.

In addition to its well-known PET recycling division that supplies pellets for beverage packaging and straps, Wellman’s Engineering Resins division has been a leader in providing recycled nylon and PP engineered resin compounds to the automotive industry. In a recent statement, Fotsch said the acquisition will provide Wellman with a true global manufacturing footprint. “We can effectively service our customers in the U.S., Europe, and Asia. We look forward to introducing our 100 percent recycled compounded resins in China for our current automotive customers. It is an exciting proposition to combine our unique recycling technology with Pret’s vision and focus on material technology and creating a green future.”