Raw material costs add to Wellman woes
October 27, 2006-- Home Textiles Today,
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.