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Chinese Company Buying Wellman Plastics Recycling

Shanghai Pret Composites Co. Ltd., a Chinese company, announced on Tuesday that it will acquire Wellman Plastics Recycling LLC in Johnsonville in an all-cash deal valued at more than $70 million.

The purchase includes all shares of Wellman Engineering Resins and DC Foam Recycle Inc.

Pret’s announcement said Wellman’s total assets were valued at $73.6 million, including $14.8 million in net assets, as of Sept. 27.

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