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Wellman Retains Investment Bank to Explore Alternatives
2:38 PM MST | November 7, 2007 | Chemical Week Editorial Staff
Wellman’s board of directors is exploring “strategic alternatives” for the company before refinancing its debt in 2008, says Tom Duff, chairman and CEO. Wellman has retained Lazard Frères (New York), Duff says. Wellman reported a net loss from continuing operations of $26.3 million in the third quarter, compared with a net loss of $37.9 million in the same year-ago period. Wellman’s business in the third quarter was negatively impacted by new polyethylene terephthalate (PET) resin capacities coming into the Nafta market, Duff says...
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