Printer Friendly

CONSTAR ANNOUNCES PLANS FOR EXPANDED PLASTIC RESIN PURCHASING PROGRAM

CONSTAR ANNOUNCES PLANS FOR EXPANDED PLASTIC RESIN PURCHASING PROGRAM
    CHATTANOOGA, Tenn., Nov. 8 /PRNewswire/ -- Constar International Inc. (NYSE: CTR) announced today that it has entered into an agreement in principle with Wellman, Inc. (NYSE: WLM), under which Wellman will install P.E.T. packaging resin capacity to supply Constar with P.E.T. resin for use in its container manufacturing operations.
    Under the two-phased program, Wellman will initially install capacity to produce 75 million pounds of virgin P.E.T. packaging resin at its existing polyester production facility in Darlington, S.C., with a second expansion expected to increase the plant's capacity to approximately 200 million pounds.  The first phase of the program is expected to be completed by June 1993 with an estimated investment of $26 million by Wellman.  Constar and Wellman are also joint venture partners in Wellstar Holding B.V., the largest P.E.T. beverage bottle manufacturer in Europe.
    Charles F. Casey, Constar's chairman and chief executive officer, indicated that with Constar's and Wellstar's volume of P.E.T. resin usage and Wellman's P.E.T. resin manufacturing and P.E.T. bottle recycling capabilities, both companies should benefit from the arrangement.
    Constar's wholly owned subsidiary, Sewell Plastics, Inc., currently operates 23 production facilities in the United States and Canada and is the largest manufacturer of plastic containers in North America.  There will be 25 such facilities after the completion of a recently announced acquisition.
    -0-                     11/8/91
    /CONTACT:  James J. Goldman of Constar, 615-267-2973/
    (CTR WLM) CO:  Constar International Inc.; Wellman, Inc. ST:  Tennessee, South Carolina IN: SU: GK-TS -- NY017 -- 2528 11/08/91 10:32 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 8, 1991
Words:273
Previous Article:KODAK BOARD ELECTS JAMES W. MEYER A COMPANY VICE PRESIDENT
Next Article:UAW INTERNATIONAL UNION AND GENERAL MOTORS CORPORATION ARE WORKING TOGETHER TO INVEST IN THEIR WORKERS
Topics:


Related Articles
CONSTAR INTERNATIONAL TO CHANGE NAME OF ITS SEWELL PLASTICS SUBSIDIARY
CAMERON COCA-COLA BOTTLING COMPANY INTRODUCES RECYCLED PLASTIC SOFT DRINK BOTTLES
Crown Cork & Seal Introduces Multi-Layer PET Bottle For Hot-Fill Juice Products.
New multi-layer PET bottle for Constar. (Packaging Equipment).
Constar International Inc. to announce second quarter 2003 financial results on July 29.
Constar International Inc. announces 2003 second quarter results.
Constar International Inc. to recognize goodwill impairment.
Cauley Geller Announces Class Action Lawsuit Against Constar International, Inc. on Behalf of Investors.
ProLogis Signs Lease Agreement for Over 600,000 Square Feet With Constar, Inc. in Dallas, Texas.
Constar International Inc. to Recognize Goodwill Impairment.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters