Press Release 14 Oct 2013

Cavan, 14th October 2013Wellman International Limited, a subsidiary of Indorama Ventures PLC, today celebrated 40 years of successful operations in Mullagh, Co Cavan.  The company announced a €5m installation as the first phase of its proposed investment plans for new technologies over the next 3 -4 years, supported by the Department of Jobs, Enterprise and Innovation through IDA Ireland.

Wellman International Ltd is Europe's largest producer of high quality polyester staple fibres, made primarily from post-consumer recycled material for various end-uses.  The facility is a valued member of the Indorama Group and employs 260 people on site.  Local management and staff were joined by Mr Aloke Lohia, CEO of Indorama Ventures Ltd , Mr S P Lohia, Chairman Indorama Ventures Ltd and Ms Aradhana Lohia, who visited the facility today. 

The investment will facilitate the transformation of the operation from a commodity non-woven provider to a hygiene and technically focused supply base aligned to the established markets for personal care.

Commenting on the investment, Minister for Jobs, Enterprise and Innovation, Richard Bruton TD said: “This is a very significant announcement by Wellman, which has been a major employer in Cavan for 40 years. I commend all involved and wish Wellman every success for the future”.

Frank Gleeson, Managing Director commented - “Following an in-depth strategic review with our parent company, we are very pleased to be making this investment announcement on our 40th anniversary which will enable us to manufacture a higher value product portfolio and maintain our current level of employment on site. I would like to acknowledge the significant contribution of the workforce who continue to deliver focused effort, commitment and flexibility through this transformation process.”

Barry O’Leary, CEO, IDA Ireland
said “A key focus for IDA in regional locations is to ensure that our client companies retain the employment levels they currently have and help identify new areas of growth or opportunity for expansion and investment.  Wellman have been an excellent employer for 40 years in Cavan, and this investment demonstrates the company’s commitment to Ireland in the long term.”

About Wellman International
Wellman International, a subsidiary of Indorama Venture PCL, is Europe's leading producer of high quality polyester staple fibres, manufacturing high quality polyester products from recycled post-consumer PET bottles.  Based in Mullagh, Co.  Cavan.  The company is Europe’s largest PET (Polyethylene  Terephthalate) recycler, processing  in excess of 2.2 billion post-consumer PET bottles annually to make their fibre products. It also leads the industry in the development of new fibre technologies.  In 2012, Wellman was the recipient of the Sustainable Exporter of the year Award.  Wellman International offers premium products which consistently deliver efficient throughputs to the market, operating from a platform of Sustainability, Innovation and Performance. The company has over 40 years of expertise across a diverse range of markets with guaranteed service provision and technical support. It has a dedicated research and development function driving innovation.
For more information, please visit www.wellman-intl.com

About Indorama Ventures
Indorama Ventures Public Company Limited, listed in Thailand (Bloomberg ticker IVL.TB) is a leading producer in the polyester value chain in Thailand with strong global network and manufacturing across Asia, Europe and North America. Its products serve major players in diversified end use markets, including food, beverages, personal and home care, health care, automotive, textile, and industrial.  The company’s main products are PTA, PET and Polyester fibre, which are distributed across the world. With turnover of US$ 6.8 billion in 2012, the company has been investing further into innovative and High Value Added products that will lead to sustainable business growth. Investments into recycling, notably through the acquisition of Wellman International in 2012 have positioned the company as a leading recycler of PET waste in Europe, while investment into innovation provides unparalleled R&D capability and a unique ability to serve global customers with a broad portfolio of products.

For more information, please visit www.indorama.net
 

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