-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, ERMs5PaV+4HmEDLbfYGr4VqCFMXGGvFFMu9rcnBcKthdgZxuNLuwZa5EBtI6l1hU zKlXSoeXslzdABdz+aO4NQ== 0000950135-05-005493.txt : 20050922 0000950135-05-005493.hdr.sgml : 20050922 20050922141812 ACCESSION NUMBER: 0000950135-05-005493 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20050920 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050922 DATE AS OF CHANGE: 20050922 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WELLMAN INC CENTRAL INDEX KEY: 0000812708 STANDARD INDUSTRIAL CLASSIFICATION: PLASTIC MAIL, SYNTH RESIN/RUBBER, CELLULOS (NO GLASS) [2820] IRS NUMBER: 041671740 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10033 FILM NUMBER: 051097842 BUSINESS ADDRESS: STREET 1: 595 SHREWSBURY AVENUE CITY: SHREWSBURY STATE: NJ ZIP: 07702 BUSINESS PHONE: (732)212-3300 MAIL ADDRESS: STREET 1: P.O. BOX 31331 CITY: CHARLOTTE STATE: NC ZIP: 28231 8-K 1 b56976wie8vk.htm WELLMAN, INC. FORM 8-K Wellman, Inc. Form 8-K
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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)
September 20, 2005
Wellman, Inc.
(Exact name of registrant as specified in its charter)
         
Delaware   1-10033   04-1671740
(State or other jurisdiction
of incorporation)
  (Commission File Number)   (IRS Employer
Identification No.)
     
1041 521 Corporate Center Drive    
Fort Mill, South Carolina   29715
(Address of principal executive offices)   (Zip Code)
Registrant’s telephone number, including area code: (803) 835-2000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 


TABLE OF CONTENTS

Item 8.01. -Other Events.
Item 9.01. Financial Statements and Exhibits.
SIGNATURES
EXHIBIT INDEX
Ex-99.1 Press Release dated September 20, 2005


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Item 8.01. Other Events.
On September 20, 2005, Wellman, Inc. announced via press release that its Pearl River facility located in Hancock County, Mississippi, is expected to resume PET resin production in November 2005. The facility, which was shut down in anticipation of Hurricane Katrina, did not sustain any major structural damage. However, one consequence of the storm surge, which resulted in between 2-3 feet of water on the site, is that many of the pumps, drives and electrical controls for the plant need to be refurbished or repaired. While the facility is expected to resume production in November, it is expected to operate at less than its full capacity until transportation and other support infrastructure is totally operational. The lack of production from the Pearl River facility is expected to reduce Wellman’s total sales by approximately 15-20% for the period from the shut down at the end of August until the plant resumes operations. As previously stated, Wellman expects its losses from the hurricane to be covered by casualty and business interruption insurance with a $20 million deductible. Wellman expects the start up of the 300 million pound PET resin expansion at its Pearl River facility to be delayed from the first quarter of 2006 until the second quarter of 2006. A copy of the Company’s press release is attached hereto as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
  (a)   Not applicable.
 
  (b)   Not applicable.
 
  (c)   Exhibit
  99.1   Press Release dated September 20, 2005

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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 hereunto duly authorized.
     
 
  Wellman, Inc.
 
   
September 22, 2005
  /s/ Mark J. Ruday
 
   
 
  Mark J. Ruday
Vice President, Chief Accounting Officer and
Controller

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Table of Contents

EXHIBIT INDEX
     
Exhibit Number   Description
99.1
  Press release dated September 20, 2005.

4

EX-99.1 2 b56976wiexv99w1.htm EX-99.1 PRESS RELEASE DATED SEPTEMBER 20, 2005 Ex-99.1 Press Release dtaed September 20, 2005
 

(WELLMAN LOGO)
         
 
  Contact:   Michael Bermish
 
      Investor Relations Officer
 
      (732) 212 – 3321
FOR IMMEDIATE RELEASE
WELLMAN’S PEARL RIVER FACILITY EXPECTED TO RESUME PRODUCTION IN NOVEMBER
September 20, 2005, Shrewsbury, NJ – Wellman, Inc. (NYSE: WLM) today announced its Pearl River facility, located in Hancock County, Mississippi, is expected to resume PET resin production in November 2005. The facility, which was shut down in anticipation of Hurricane Katrina, did not sustain any major structural damage. However, one consequence of the storm surge, which resulted in between 2-3 feet of water on the site, is that many of the pumps, drives and electrical controls for the plant need to be refurbished or repaired. Over 200 individuals are now cleaning and repairing the site. While the facility is expected to resume production in November, it is expected to operate at less than its full capacity until transportation and other support infrastructure is totally operational. The lack of production from the Pearl River facility is expected to reduce Wellman’s total sales by approximately 15-20% for the period from the shut down at the end of August until the plant resumes operations. As previously stated, Wellman expects its losses from the hurricane to be covered by casualty and business interruption insurance with a $20 million deductible.
Wellman expects the start up of the 300 million pound PET resin expansion at the Pearl River facility to be delayed from the first quarter of 2006 until the second quarter of 2006.
Thomas Duff, Wellman’s Chairman and Chief Executive Officer, stated, “We are very fortunate to have no serious injuries and not to have suffered any major structural damage at the facility. We appreciate the extraordinary efforts of our employees to restore normal operations as quickly as possible.”
Wellman, Inc. manufactures and markets high-quality PermaClearÒ brand PET (polyethylene terephthalate) packaging resin and FortrelÒ brand polyester staple fibers. We believe we are one of the world’s largest PET plastic recyclers, utilizing a significant amount of recycled raw materials in our manufacturing operations.

1


 

Forward-Looking Statements
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 hereof based upon current expectations, and we undertake no obligation to update the information contained herein. These forward-looking statements involve certain risks and uncertainties, including, but not limited to: reduced raw material margins; reduced sales volumes; increases in costs; the financial condition of our customers; polyester staple fiber and textile imports; availability and cost of raw materials; the impact of litigation arising out of alleged pricing practices in the polyester staple fiber industry; the actions of our competitors; the effective implementation of our cost reduction programs; availability of financing, changes in financial markets, interest rates, credit ratings, and foreign currency exchange rates; regulatory changes; tax risks; U.S., European, Asian and global economic conditions; prices and volumes of PET resin imports; work stoppages; levels of production capacity and profitable operation of assets; prices of competing products; natural disasters and acts of terrorism; and maintaining 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, 2004.

2

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