8-K

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 26, 2006

Wellman, Inc.

(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction
of incorporation) 1-10033
(Commission File Number) 04-1671740
(IRS Employer Identification
No.)

1041 521 Corporate Center Drive
Fort Mill, South Carolina
(Address of principal executive offices)
29715
(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 2.05. —Costs Associated with Exit or Disposal Activities.
	Item 9.01. Financial Statements and Exhibits.
SIGNATURES
EXHIBIT INDEX
Ex-99.1 Press release dated September 26, 2006
Ex-99.2 Press release dated September 26, 2006

Item 2.05. —Costs Associated with Exit or Disposal Activities.

On September 26, 2006, Wellman, Inc. committed to plans to restructure its U.S. fiber operations which are intended to improve its operating results, reduce working capital and lower overall debt. The Company will consolidate all of its U.S. fiber production into its Palmetto plant, located in Darlington, South Carolina and close the fiber capacity located at its Johnsonville, South Carolina facility. The Company expects to sell its Material Recycling Division (MRD) which converts post-consumer PET bottles to flake and certain equipment used to produce Wellstrand (a specialty coarse denier fiber), both located at its Johnsonville facility. All of these actions are expected to result in a pre-tax charge of $30-$35 million in the third quarter 2006 which is substantially comprised of non-cash items. The Company also announced that it is exploring strategic alternatives for its European fiber and PET resin businesses, with the goal of improving its overall corporate value.

In addition, Wellman, Inc. issued a separate press release to announce its webcast to discuss the restructuring of its U.S. fiber operations to be held on Wednesday, September 27, at 4:00 P.M.

Copies of the Company’s press releases related to the foregoing are attached hereto as Exhibits 99.1 and 99.2.

Item 9.01. Financial Statements and Exhibits.

               (a) Not applicable.

               (b) Not applicable.

               (c) Exhibits

               99.1 Press Release dated September 26, 2006

               99.2 Press Release dated September 26, 2006

2

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 27, 2006	/s/ Mark J. Ruday
	Mark J. Ruday
	Vice President, Chief Accounting Officer and Controller

3

EXHIBIT INDEX

Exhibit
Number	Description
99.1	Press release dated September 26, 2006.
99.2	Press release dated September 26, 2006.

4

EX-99.1

Exhibit 99.1

Contact: Michael Bermish
Investor Relations Officer
(732) 212-3321

FOR IMMEDIATE RELEASE

WELLMAN TO RESTRUCTURE ITS U.S. FIBER OPERATIONS

EXPLORING STRATEGIC ALTERNATIVES FOR EUROPEAN OPERATIONS

September 26, 2006, Shrewsbury, NJ — Wellman, Inc. (NYSE: WLM) announced plans to restructure its U.S. fiber operations which are intended to improve its operating results, reduce working capital and lower overall debt. The Company will consolidate all of its U.S. fiber production to its Palmetto plant, located in Darlington, South Carolina and close the fiber capacity located at its Johnsonville, South Carolina facility. The Company expects to sell its Material Recycling Division (MRD) which converts post-consumer PET bottles to flake and certain equipment used to produce Wellstrand (a specialty coarse denier fiber), both located at its Johnsonville facility. All of these actions are expected to result in a pre-tax charge of $30-$35 million in the third quarter 2006 which is substantially comprised of non-cash items.

Joseph C. Tucker, Vice President of the Fiber and Recycled Products Group stated, “We will continue to meet our Johnsonville customers’ requirements for high quality fiberfill from our Palmetto plant which has the capacity to produce 500 million pounds of polyester staple fiber annually.”

Thomas M. Duff, Chairman and Chief Executive Officer, stated, “Consolidating our U.S. fiber production is expected to increase operating income and reduce working capital. We will be able to operate one fiber facility at close to full capacity rather than operating two under-utilized facilities. This will allow us to lower our overall costs and remain more competitive in our domestic fiber operations. This decision is not a reflection on the dedication or abilities of our Johnsonville employees.”

The Company also announced that it is exploring strategic alternatives for its European fiber and PET resin businesses. Thomas M. Duff stated, “We are reviewing the performance of these businesses and exploring strategic alternatives with the goal of improving our overall corporate value.”

Wellman, Inc. manufactures and markets high-quality polyester products, including PermaClearÒ brand PET (polyethylene terephthalate) packaging resins and FortrelÒ brand polyester fibers.

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; availability and cost of raw materials; reduced sales volumes; increase in costs; polyester staple fiber, textile and PET resin imports; the actions of our competitors; the financial condition of our customers; availability of financing, changes in financial markets, interest rates, credit ratings, tax risks; environmental risks and foreign currency exchange rates; regulatory changes; U.S., European, Asian and global economic conditions; prices and volumes of PET resin imports; work stoppages; levels of production capacity and profitable operations 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, 2005.

###

EX-99.2

Exhibit 99.2

Contact: Michael Bermish
Investor Relations Officer
(732) 212-3321

FOR IMMEDIATE RELEASE

WELLMAN, INC. ANNOUNCES WEBCAST TO DISCUSS RESTRUCTURING OF ITS U.S. FIBER OPERATIONS

September 26, 2006 Shrewsbury, NJ —Wellman, Inc. (NYSE: WLM) invites you to access presentation slides and listen to a live Webcast with Tom Duff, Chairman and CEO, on Wednesday, September 27, at 4:00 P.M. pertaining to the company’s recent announcement of the restructuring of its U.S. fiber operations. Below you will find details on how you may access the webcast.

What:	Wellman, Inc.’s Restructuring of its Fiber Operations Conference Call
When:	4:00 p.m. Eastern time on Wednesday, September 27, 2006.
Where:	Wellman, Inc. internet home page: http://www.wellmaninc.com
How:	Log onto the Wellman, Inc. internet home page, at the above address, go to the Investor Relations page, and follow the prompts.
Replays:	Replay of this Webcast will be available for one week starting 6:00 P.M on September 27, 2006. To access the replay, follow the same procedure used to access the live Webcast.

This Webcast may include certain non-GAAP terms. These terms are defined in the Financial Glossary section of the Investor Relations page on the Wellman, Inc. website, http://www.wellmaninc.com

Wellman, Inc. is principally engaged in the manufacture and marketing of high-quality PermaClearÒ brand PET (polyethylene terephthalate) packaging resins and FortrelÒ brand polyester staple fibers. We believe we are the world’s largest PET plastics recycler, utilizing a significant amount of recycled raw materials in our manufacturing operations.

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; availability and cost of raw materials; reduced sales volumes; increase in costs; polyester staple fiber, textile and PET resin imports; the actions of our competitors; the financial condition of our customers; availability of financing, changes in financial markets, interest rates, credit ratings, tax risks; environmental risks and foreign currency exchange rates; regulatory changes; U.S., European, Asian and global economic conditions; prices and volumes of PET resin imports; work stoppages; levels of production capacity and profitable operations 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, 2005.