AURELIUS sells Wellman International to Thai Indorama Group
- Successful development of the company by AURELIUS since acquisition in 2007
- Company valued at 42 million Euros (enterprise value)
- Indorama to combine globally leading businesses in virgin and recycled polyester
Munich, 21. September 2011 – AURELIUS Group (ISIN: DE000A0JK2A8) is selling its subsidiary Wellman International, headquartered in Mullagh, Ireland, to Thailand-based industrial group Indorama for an enterprise value of 42 million Euros. Wellman has been part of AURELIUS Group since July 2007, when it was acquired from US-based Wellman Inc. Since then Wellman has undergone a comprehensive realignment led by AURELIUS and today is Europe´s largest recycler of PET (polyethylene terephthalate) bottles as well as a leading European producer of polyester staple fibre products. Applications for which fibres produced by Wellman are used are diverse, ranging from home furnishings and personal care items such as baby diapers to technical applications such as automotive, insulation and filtration products. Wellman operates three production sites. The recycling plants are located in Spijk, The Netherlands and Verdun, France while headquarters and fibre production are located in Mullagh, Ireland. In 2010 Wellman achieved sales of 124 million Euros.
Successful realignment by AURELIUS
Since becoming part of the AURELIUS Group, business structure and operations of Wellman have been improved significantly. In addition to the introduction of new and efficient controlling systems, quality assurance and sales activities have been strenghtened and the product portfolio was upgraded towards high end fibres for application in the hygiene industry. Important investments made include a new flake laser sorting machine and the newly installed bulk delivery bay.
At this years industry tradeshow "Heimtextil", Wellman furthermore announced the launch of its new divisional business structure. This new organization incorporates three new separate divisions, namely Wellman Smart Fibres, Wellman Hygiene Fibres and Wellman Essential Fibres. This re-organisation of the business reflects an increasing emphasis on new technical developments within the company and more clearly defines the nature and direction of the business moving into the new decade. The new structure further supports the sharing and development of new technological advances and innovative concepts with its customers.
"AURELIUS has been a very good shareholder to us. Under their ownership, we have been able to position us as leading European player. We are now set up for a prosperous future with strong growth potential ahead. We look forward to working within the worldwide Indorama network," says Frank Gleeson, Managing Director of Wellman International.
"Our intense restructuring efforts over the last four years have been paying off. Selling the company to Indorama now demonstrates the success of our business model," says Gert Purkert, Member of the Board of AURELIUS AG and in charge of this business.
Attractive platform for strong future growth
Indorama Group is the largest vertically integrated polyester producer in the world and a leading global manufacturer of wool yarns. Headquartered in Bangkok; Thailand, Indorama has three polyester verticals, namely PET resin, PTA and Polyester. Fibres and Yarns are manufactured in 12 countries on 4 continents. Indorama Group generated revenues of more than 4.6 billion US-dollars in 2010 and is listed on the Bangkok Stock Exchange. The acquisition of Wellman by Indorama offers an opportunity to combine a global leader in virgin polyester with a leader in recycled polyester. This combination will be of considerable strategic benefit to both Indorama and Wellman as well as to the common clients who will benefit from increased innovation and knowledge sharing between the two organizations.
Today, Wednesday, September 21st, 2011 at 3.00 pm CET Dr. Dirk Markus will conduct a telephone conference for interested investors and members of the press. To sign-up, please send an email to .
AURELIUS AG is an industrial holding with a long-term investment horizon focusing on the acquisition of companies with potential for development. AURELIUS has some longstanding investment and management experience in various industries. By applying management capacities and the necessary funding for investments in innovative products, distribution and research AURELIUS constantly advances its portfolio companies. With offices in Munich and London as well as portfolio companies in Germany, England, France, Ireland, the Netherlands and Switzerland, AURELIUS operates throughout Europe. The shares of AURELIUS AG are traded on the open market of the Frankfurt stock exchange (ISIN: DE000A0JK2A8). For more information, please visit http://www.aureliusinvest.com.
About Wellman International Limited
Wellman International is Europe