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Large European recycled fibres company sold in $38 million deal

American company Wellman Incorporated has sold its European recycled fibres business in a $38 million deal to German based Aurelius. The recycled fibres business, Wellman International, generates a turnover of about €110 million a year and has about 380 employees. PET bottles, collected in Europe, are processed at two of the companys plants in Spijk, Holland, and Verdun, France. The recycled material is used to produce polyester fibres or PET packaging. Polyester fibres made from recycled material at the companys plant in Mullagh, Ireland, are used in a wide range of applications including articles of personal hygiene, upholstered furniture, loose-filled bed products, car interior trim and in industry. Commenting on the acquisition, Aurelius chief executive Dirk Markus said: Avoiding waste and reusing plastic materials are politically and socially important objectives for Europe and the world. Wellman International, with its scale and focus on recycling, is in the forefront of this trend. We want to develop Wellman International into a sustainably successful company by paying close attention to costs combined with specific investments and increased capacity to meet growth opportunities. Wellman International managing director Dick Budden said: With the support of Aurelius we shall continue providing first class products and service to all our customers, and have the resources to expand our business, both in fibres and in recycled materials for other applications.

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