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Wellman streamlines organization

13
Feb '07
Wellman Inc announced that it will be streamlining its organization which will improve its ability to deliver high quality value added products to its customers and allow it to operate with a more efficient cost structure.

Wellman announced it will reorganize its chemical-based businesses into one segment with functional reporting lines. Combining its polyester fiber and PET resin segments into one business will permit it to eliminate duplicate costs and maximize the operating performance since its two core businesses have many related functions.

There will be four principal operating roles: Steve Ates will be Vice President of Sales and Marketing, Mark Ruday will be Vice President of Business Operations, Ian Shaw will be Vice President of Manufacturing and Research & Development, and Joe Tucker will be responsible for Raw Material Procurement and Strategic Development. David Styka will replace Mark Ruday as Controller and Chief Accounting Officer.

Thomas M. Duff, Chairman of the Board of Directors and Chief Executive Officer, stated, "The structure that we just announced is appropriate for our ongoing U.S. operations. It will allow us to focus more on our customers and operate in a more efficient manner, both of which are expected to improve our operating performance."

"The Company has previously announced that we are exploring strategic alternatives for our non-core businesses, principally our European operations and we will continue with that process. These steps are intended to improve operating performance, cash flow and return to our stockholders."

Wellman Inc manufactures and markets high-quality polyester products, including PermaClear brand PET (polyethylene terephthalate) packaging resins and Fortrel brand polyester fibers.

Wellman Inc, USA


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