8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, DC

FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) August 22, 2001

Wellman, Inc.

(Exact name of trustee as specified in its charter)

Delaware
(State or other jurisdiction
of incorporation) 0-15899
(Commission
File Number) 04-1671740
(I.R.S. Employer
Identification No.)

595 Shrewsbury Avenue, Shrewsbury, NJ
(Address of principal executive offices) 07702
(Zip Code)

Registrant's telephone number, including area code 732-212-3300

Item 5. Other Events and Regulation FD Disclosure

The registrant's press release dated August 22, 2001 with respect to the adoption of a shareholder rights plan to replace the Company's existing plan that expired on August 6, 2001, attached hereto as Exhibit 99, is hereby incorporated by reference.

Item 7. Financial Statements and Exhibits

1. Not applicable
2. Not applicable
3. Exhibits

Exhibit No.
99 Description
Press release dated August 22, 2001

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

WELLMAN, INC.

/s/ Keith R. Phillips

Keith R. Phillips
Chief Financial Officer

EX-99

Contact: Dennis Sabourin
Investor Relations Manager
(732) 212-3321

WELLMAN, INC. ADOPTS SHAREHOLDER RIGHTS PLAN

August 22, 2001, Shrewsbury, NJ - Wellman, Inc. (NYSE: WLM) announced today that its Board of Directors has adopted a Shareholder Rights Plan to replace its previous Shareholder Rights Plan that expired on August 5, 2001. Under the new plan, Common Stock Purchase Rights will be distributed as a dividend on September 17, 2001, at the rate of one Right for each share of Common Stock held as of the close of business on August 31, 2001.

The Rights, which will trade automatically with the Company's Common Stock, entitles the holders of the Common Stock to purchase one share of Common Stock at a specified exercise price only if any person or group becomes the beneficial owner of 20% or more of the Company's Common Stock. The Rights will expire on August 31, 2011, unless earlier redeemed or exchanged.

The Rights Plan is designed to deter coercive or unfair takeover tactics and to prevent a potential acquiror from gaining control of the Company without offering a fair price to all of the Company's shareholders.

Thomas M. Duff, Wellman's CEO, stated, "The Shareholder Rights Plan will not restrict or prohibit consideration by the Company's Board of Directors of any offer with terms favorable to all shareholders. It is intended to protect the interests of shareholders in the event the Company is confronted with coercive or unfair takeover tactics." Mr. Duff noted that the Rights Plan was not adopted in response to any effort to acquire Wellman nor was he aware of any such effort. He added, "More than 2,300 public companies currently have similar plans in place."

Wellman, Inc. manufactures and markets high-quality polyester products, including Fortrel® brand polyester textile fibers, polyester fibers made from recycled raw materials, Perma Clear® brand PET (polyethylene terephthalate) packaging resins and EcoClear® brand PET packaging made from 100% recycled postconsumer PET beverages containers. The world's largest PET plastic recycler, Welman utilizes a significant amount of recycled raw materials in its manufacturing operations.

Risks and Uncertainties. Statements contained in this release that are not historical facts are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In addition, words such as "believes," "expects," "anticipates," and similar expressions are intended to identify forward-looking statements. These statements are made as of the date of this release based upon current expectations, and we undertake no obligation to update this information. These forward-looking statements involve a number of risks and uncertainties, including, but not limited to: demand and competition for polyester fiber and PET resins; the financial condition of our customers; availability and cost of raw materials; availability and cost of petrochemical feedstock necessary for the production process; changes in financial markets; interest rates, credit ratings, and foreign currency exchange rates; U.S., European, Far Eastern and global econom ic conditions; prices and volumes of imports; work stoppages; levels of production capacity and profitable operations of assets; changes in laws and regulations; prices of competing products; natural disasters; and our ability to complete expansions and other capital projects on time and budget and to maintain the operations of our existing production facilities. Actual results may differ materially from those expressed herein. Results of operations in any past period should not be considered indicative of results to be expected in future periods. Fluctuations in operating results may result in fluctuations in the price of our common stock. For a more complete description of the prominent risks and uncertainties inherent in our business, see our Form 10-K for the year ended December 31, 2000.