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September 10, 2015 02:00 AM

Wellman improves bottom line under new ownership

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    Despite the tough condition of the plastics recycling industry in general, Wellman Plastics Recycling LLC and sister company DC Foam Recycle Inc. have seen their net profitability on the upward trend since their acquisition by Chinese compounder Shanghai Pret Composites Co. Ltd.

    WPR Holdings LLC, which directly and fully owns both Wellman and DC Foam, contributed 360.92 million yuan ($58.9 million) in sales and 19.09 million yuan ($3.1 million) of net profit to Pret's balance sheet, publicly listed Pret said in its half year report. These numbers apply to the period between Feb 12, the day when the acquisition was completed, and June 30, last day of the second quarter.

    That makes a net margin of about 5.3 percent.

    According to previous filings, WPR recorded net margin of 4.92 percent in first nine months of 2014. The numbers were lower in 2013 and 2012, 4.68 percent and 3.46 percent respectively.

    WPR mainly sells nylon and PET compounds, but its product portfolio also includes lanolin, Pret said.

    Since the acquisition, Pret and WPR have sent employees to each other to facilitate smooth transitions in technology, marketing and management fronts, Pret said in the half-year report. WPR has been operating normally and generated good economic benefits, it added.

    Pret may be planning an investment or expansion in the United States. Last month it acquired a banker's letter of guarantee from a Chinese bank for Wells Fargo, which in turn will release a $15 million, one-year loan to Pret Holdings LLC.

    WPR is 100 percent owned by Shanghai Pret's wholly owned U.S. subsidiary Pret Holding LLC.

    Pret's first half overseas sales reached 362.64 million yuan ($59.2 million) with a gross margin of 10.8 percent.

    Pret's overall sales jumped 43.5 percent in the first half to 1.34 billion yuan ($219 million), mainly due to the acquisition. Net profit, before deducting non-recurring gains and losses, increased by nearly 60 percent to 158 million yuan ($25.8 million).

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