Shanghai Pret Composites Co. Ltd., a Chinese company, is acquiring Wellman Plastics Recycling LLC (WRC) of Johnsonville, South Carolina, in an all cash deal.
The $70.451 million acquisition includes all shares of WPR Holdings LLC and its subsidiaries.
According to Pret, WPR’s total assets were valued at $73.6 million, with $14.8 million in net assets. WPR’s sales reached $162 million in 2012, climbed to $164 million in 2013, and was $124 million for the first three quarters of 2014. Net profit was $7.6 million in 2013 and $6.1 million for the first three quarters of 2014.
Pret is a manufacturer of composite materials for the automotive industry. Pret said it hopes to secure a presence in the auto compounding market in the U.S. through the acquisition.
Wellman’s Engineering Resins division produces nylon, polyester and polypropylene resin products for the automotive industry made from 100 percent post-consumer recycled materials.
Published in the March 2015 Edition of American Recycler News
