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Wellman, Inc. Announces Upward Revision to Its July Polyester Staple Fiber Price Increase
FORT MILL, S.C.-(Business Wire)-June 17, 2008 - Wellman, Inc. ((OTC): WMANQ.OB) is informing its customers that the previously announced price increase on its Fortrel(R) polyester staple fiber products, effective July 14, 2008, is being revised upward to 6 cents/lb.
According to Steve Ates, Vice President Sales and Marketing, "Increases in raw material costs are now projected to be higher than initially expected due to record high crude oil and paraxylene prices. This increase is necessary to offset these escalating costs."
Wellman remains committed to providing the high level of quality products and support services that our customers have come to expect.
Wellman, Inc. manufactures and markets high-quality polyester products, including Fortrel(R) brand polyester fibers and PermaClear(R) brand PET (polyethylene terephthalate) packaging resins.
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 of this release based upon current expectations, and we undertake no obligation to update this information. These forward-looking statements involve certain risks and uncertainties, including, but not limited to: our substantial liquidity needs and liquidity pressure; our indebtedness and its impact on our financial health and operations; risks associated with our indebtedness containing floating interest rate provisions and its effect on our financial health if rates rise significantly; our ability to obtain additional financing in the future; risks associated with claims not discharged in the Chapter 11 cases and their effect on our results of operations and profitability; risks associated with the transfers of our equity, or issuances of equity in connection with our reorganization and our ability to utilize our federal income tax net operating loss carry-forwards in the future; our dependence on our management and employees; the adverse effect of competition on our performance; reduced raw material margins; availability and cost of raw materials; reduced sales volumes; increase in costs; volumes of textile imports; prices and volumes of polyester staple fiber and PET resin imports; the financial condition of our customers; change in tax risks; environmental risks; natural disasters; regulatory changes; U.S., European, Asian and global economic conditions; work stoppages; levels of production capacity and profitable operations of assets; prices of competing products; 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, 2007.
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