Wellman Inc. announced that its board of directors have decided to proceed with a plan to increase plastics production by 300 million pounds at its Pearl River facility. The cost of the expansion will be around $50 million. When the expansion is complete it will bring the facility’s capacity to 850 million tons per year.
The company decided on the expansion as the industry is experiencing a strong increase in demand and a decline in imports. With expected strong market growth for PET resins over the next several years, the timing of this expansion is appropriate to support increased demand by Wellman's customers and the domestic industry.
The expansion is expected to start later this year and be completed by early 2006.
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