Wellman sells European PET business to venture capital firm

New Jersey-based Wellman has sold its European PET resins business to an affiliate of venture capital player Sun European Partners for an undisclosed sum.

The deal reflects the polyester specialist’s desire to focus on its US operations, according to chairman and chief executive Thomas Duffy.

The Wellman European PET operation, based in the Netherlands, has some 50,000tpa of capacity which is sold into the food and beverage container business.

According to Sebastian Kiekert Le Moult, vice president of Sun European partners, the business is looking forward to supporting the PET resins team in expanding the product range and increasing its market share.

“We believe that this business is a great addition to Sun Capital’s portfolio of market leading companies, including such well known global manufacturing and flexible packaging businesses as Exopack Holding, Performance Fibers and Autobar Packaging Group,” he said.

The total turnover of companies under Sun Capital’s ownership is some $35bn.