DAK Americas LLC (DAK) has agreed to acquire the PET business of Wellman, Inc. (“Wellman”). Total value of the acquisition is approximately US$185 mln including a cash payment and the assumption of certain liabilities. The transaction is expected to close in H2-2011 pending regulatory approval.
“DAK Americas is extremely excited about the acquisition as it will provide DAK with a state-of-the-art facility and an expanded asset base. The site that will increase efficiencies and provide added product flexibility to better serve the needs of customers in the PET Resin marketplace” said Jorge Young, Executive Vice President, DAK Americas. The acquisition includes the PET Resin production facilities in Bay St. Louis, Mississippi, U.S.A. The site has a production capacity of approximately 950 million lbs/yr (430,000 tpa) of PET Resin and a very capable work force of approximately 165 people. “This will allow DAK to continue to innovate and cost effectively serve ever growing customer needs,” added Tom Sherlock, PET Resins Business Director, and DAK Americas. “The addition of this manufacturing facility will allow DAK to broaden its PET Resin product offerings.