Wellman Palmetto Plant Purchased by Darlington Developments, LLC, a wholly owned subsidiary of International Process Plants
Darlington, S.C. - January 11, 2010 - Darlington Developments, LLC, a wholly owned subsidiary of International Process Plants (IPP), announced today that they have purchased the former Wellman Palmetto Plant located at 1000 East McIver Road, Darlington, SC 29532. The purchase includes a 1.1 million square foot building, 760 acres of land and all existing machinery and equipment. Darlington Developments plans to remarket the plant to one or more users. The main production facility is a 600,000 Ton/Year PET Plant, easily expandable to 850,000 Ton/Year bottle grade PET. The plant is comprised of a 250,000 Ton/Year of PET bottle grade resin, a 250,000 Ton/Year of polyester staple fiber and a 100,000 Ton/Year of amorphous PET. This facility is available to restart in whole or in part or to be operated in place and restarted or to be moved elsewhere. If the plants are moved to another location, the infrastructure will be used to repopulate the site with other industries.
IPP's business model is to purchase complete plants, with the land, buildings and equipment, for which manufacturers no longer have a need that are being closed globally. In some cases IPP will also take on the environmental remediation of the site. IPP and it's subsidiaries utilize their globally integrated corporate infrastructure within the US, UK, Germany, Italy, France, Poland, Romania, India, Portugal, Czech Republic, Korea and Russia to identify customers to repopulate a site by making the same product. When that is not feasible, IPP can sell the processes elsewhere in the world and market a site's remaining assets in the global marketplace in order to repopulate the site.
"Magnified by the current economic conditions, we meet a niche that allows a company interested in expanding capacity an opportunity to do so at a fraction of the cost of building a new facility," said Stan Sackowitiz, vice president of business development of International Process Plants. "With approximately 15 other complete plants that we own for resale and an inventory of over 25,000 pieces of process equipment at our disposal, we can provide a customer a turnkey operation."
Some of the existing assets of the PET Plant include it being fully serviced by rail, an on-site rail spur capable of 160 car storage, a railroad car washing and drying system, and over 100 silos, totaling 18 Million lbs. of storage.
Utility systems available on-site include 400,000 lbs/hr @ 315 PSIG steam, 225 Million BTU/hr (input) of 6 hot oil systems, 750 Million gallon/day fully permitted waste water treatment plant, 8,300 tons of refrigeration by way of 5 chillers, and 36 MW heavy duty grid connected electricity (with dual feed protection).
About International Process Plants:
IPP is headquartered in Hamilton, New Jersey, with international offices, infrastructure and affiliates in China, Czech Republic, England, Germany, India, Poland, Romania, Korea, Russia, Italy and France. With over 30 years of experience, IPP is dedicated to providing the worldwide processing industries with quality complete plants and equipment at competitive prices. IPP is the world's largest plant and equipment trader. More information is available at www.ippe.com.
For more information, contact Stan Sackowitz at (609) 586-8004.
