Wellman Reports Q4 FY 2006 Financial Results
“In light of our 2006 results and the difficult business environment, we have made the strategic decision to focus on our chemical-based PET [polyethylene terephthalate] resin and polyester fiber businesses,” said Tom Duff, chairman and CEO. “This will allow us to capitalize on our two world-class facilities, which utilize some of the latest technology to produce high-quality, value-added products.” Duff noted the company has restructured its management group and divested its European PET resins business, and is exploring further strategic moves involving its European fibers and Engineering Resins businesses in order to improve its financial picture.
Keith Phillips, CFO, said the company reduced its debt by $23 million in 2006. “As a result of our plans to focus on our core businesses, we expect significant debt reduction in 2007,” he added.
February 27, 2007