Europe's largest PET recycler sold to Bangkok-based group
Major global PET supplier Indorama Ventures is set to own Europe’s largest PET recycler. Bangkok-based Indorama revealed that it has agreed to buy Wellman International Ltd, which has operations in Ireland, from Aurelius AG, a Grünwald, Germany-based holding company. Terms of the deal were not disclosed. Aurelius bought the business from US-based Wellman Inc. in July 2007. It has three production facilities in Europe, recycling more than 1.6 billion PET bottles annually. The company has plants in Spijk, the Netherlands, and Verdun, France, plus a head office and fibre production in Mullagh, Ireland. In 2010, Wellman International posted sales of €124m, according to Aurelius. The acquisition, to be completed this year, is expected to help the company meet its customers’ sustainability, including demand for post-consumer PET. Indorama said there is also potential to use Wellman International’s recycling technology in Asia.