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Raw material costs add to Wellman woes

Shrewsbury, N.J. – Wellman Inc. reported a third-quarter net loss of $39.2 million, massively deeper than the loss of $8.9 million recorded for the same period one year ago.

"We experienced a disappointing quarter because of reduced volumes which resulted from our efforts to implement selling price increases,” commented Tom Duff, chairman and ceo. He added that a non-cash charge from closing the Johnsonville fiber plant also impacted the bottom line.

Sales at the polyester manufacturer dropped 5.2% to $362.2 million for the quarter.

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