|
Wellman Stage: LBOs and Special Situations Date of Investment: 2003 Web Site : http://www.wellmaninc.com Stock Symbol : NYSE: WLM |
 |
Wellman is a leading manufacturer and supplier of high-quality
polyester products, including Permaclear brand PET (polyethylene
terephthalate) packaging resins and Fortrel brand fibers. Wellman is
also the world's largest PET plastic recycler, utilizing a significant
amount of recycled raw materials in its manufacturing operations. The
Company is the third largest North American PET resin producer and the
leading U.S. producer of polyester staple fiber. Warburg Pincus entered
into an agreement in February 2003 to invest up to $125 million in the
form of convertible preferred stock, subject to shareholder approval.
Concurrent with the signing of this agreement, Warburg Pincus invested
$20 million in the form of a convertible subordinated note, which will
be exchanged for convertible preferred stock upon shareholder approval.
