Wellman says no dividend in 4th quarter

NEW YORK, Nov 19 (Reuters) - Wellman Inc WLM.N said it has decided not to declare a dividend in the fourth quarter of 2007 in light of the polyester and plastics producer's performance in the third quarter and its current debt levels.

Moody's and Standard & Poor's both recently downgraded the company because of the deterioration in its operating results.

On Oct. 29, Wellman reported a third quarter loss of $26.3 million or 81 cents a share from continuing operations and said it had hired an investment bank to help it explore its options. (Reporting by Ed Leefeldt)