Dive Brief:

• An auto-related composite materials firm headquartered in China, Shanghai Pret Composites Co. Ltd., has purchased Johnsonville, SC-based Wellman Plastics Recycling LLC.
• The acquisition was worth more than $70 million and includes all shares of Wellman Engineering Resins and DC Foam Recycle Inc.
• The deal was made to solidify the company’s U.S. presence in the automotive compounding market as the firm looks to grow globally.

Dive Insight:

Pret said that Wellman’s assets had a value of $73.6 million in September 2014. The firm is touted as one of the largest plastic resin recyclers in the world.

Wellman produces 100% post-consumer recycled nylon, polyester, and polypropylene resin materials, specifically for car manufacturers.