The acquisition follows uncertainty for Wellman, which entered examinership in June 2025 after substantial financial losses.
Under the deal, decarbonisation strategy business UG Group has taken ownership of Wellman’s manufacturing and recycling business.
Commenting on the acquisition, UG Group Founder and CEO Magnus Hammick said: “Supporting the Net Zero transition is the central purpose of the UG Group and Wellman is a hugely important element to a thriving, sustainable circular economy. It ensures that waste plastics have a viable onward life.
“Wellman International provides this vital service for Ireland. It is also a major employer in Mullagh, so we want to secure its long-term future and help the business grow and achieve profitability.”
Recycled PET plastics products
Wellman is a major European producer of polyester fibre products derived from post-consumer polyethylene terephthalate (PET) bottles and other used PET feedstocks.
The resulting products have applications across a wide range of industries, including the automotive, home, leisure and hygiene sectors.
UG Group said it will work closely with Wellman’s employees, union representatives, key partners and suppliers to develop a new growth plan.
Visiting Wellman’s facility, Niamh Smyth, Minister for Trade Promotion, Artificial Intelligence and Digital Transformation, said: “Today’s visit was an opportunity to see the impressive work being done on site, meet the dedicated staff and hear about plans for the company’s future.
“It’s clear there is a strong commitment to maintaining operations in Mullagh, and I welcome the focus on innovation, sustainability and long-term growth.”
Wellman went into examinership in June
On 23 September 2025, the Irish High Court approved a scheme by examiner for the takeover of Wellman’s business in Co Cavan.
The company, which previously employed 215 people, filed a petition with the court in June 2025 to place its Mullagh operations into examinership.
The business had been part of Indorama Ventures, a Thailand-listed petrochemicals producer with a global manufacturing footprint across Europe, Africa, the Americas and Asia Pacific.
However, the business reported suffering losses in the double-digit millions in 2023 and 2024, attributed to increased energy prices following geopolitical conflicts and competition from low-priced imports.
As a result, Indorama withdrew its financial support, prompting the examinership process and subsequent search for a new owner.
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