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Wellman Notes Streamlining

Polyester resin and Fortrel brand fiber manufacturer Wellman Inc. has sold its European PET resins unit to an affiliate of Sun European Partners; the company did not disclose terms of the deal.

The European operation has an annual production capacity of 110 million pounds of PET resin, mainly of types used for food and beverage containers.

Meanwhile, in a streamlining move, the company said vp, treasurer Audrey Goodman has left the company, and her duties will be taken on by vp, cfo Keith Phillips.

Wellman said in its Securities and Exchange Commission filing that Goodman had chosen to leave the company effective May 31 "in connection with" the closing down of the Shrewsbury office that day.

"We previously announced that we are streamlining our organization in an effort to improve our ability to deliver high quality, value-added products to our customers and allow us to operate with a more efficient cost structure," the company stated.

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