Chemicals

Westlake announces a name change, reorganization into two main segments – Chemical Engineering

Mary Paige Bailey

Westlake Chemical Corp. (Houston) has announced plans to officially change its name to Westlake Corp. from 18 February 2022. Now Westlake is organized under one unified brand with two segments of financial reporting: housing and infrastructure products and performance and substantial. Materials.

“We have reached an important milestone in the history of our company,” said Westlake President and CEO Albert Chao. “Our business portfolio has evolved over the last decade, especially last year when we celebrated our 35th anniversary.th Anniversary. Through a combination of strategic acquisitions and organic growth that has been driven by market trends, especially in the fast-growing housing and infrastructure sector, we have made significant progress in diversifying our business and expanding our products. By changing the name, we will better represent the breadth of the industries we serve, including housing, automotive and consumer lifestyles, packaging and healthcare. ”

Westlake has completed a number of acquisitions during 2021, including LASCO Fittings, LLC, a manufacturer of PVC injection molding fittings; Dimex Ltd., a manufacturer of consumer and construction products made of recycled plastic; and North American construction companies Boral Limited, which include roofing, siding, trim, shutters, outdoor products, decorative stone and windows. These acquisitions have significantly improved the company’s position in the housing market and infrastructure and significantly expanded the overall product offering. In addition, Westlake recently closed the acquisition of Hexion Inc.’s global epoxy business, a leading supplier of coatings and composites used in such fast-growing applications as wind turbine blades and lightweight automotive components.

The company’s two newly created reporting segments replace the previous segments, olefins and vinyls. Products for housing and infrastructure include Westlake Royal Building Products, Westlake Pipe & Fittings, Westlake Global Compounds and Westlake Dimex. Performance and base materials include North American Westlake vinyl, North American chlor-alkali and Westlake derivatives, European and Asian Westlake chlorovinyl, Westlake olefins, Westlake polyethylene and Westlake epoxy resins.

“As Westlake’s business continues to grow globally, serving a variety of industries, what has not changed is our unwavering commitment to the communities where our 16,000 employees work and live, our persistence in high-quality products and services for our customers, and our unwavering attention to safety and the environment, “Chao continued.” We strive to deliver customers with stable, durable and increasingly sustainable products, while remaining steadfast in creating value for our shareholders. We believe our new name and segmentation better reflect that where our company is today, and contributes to our continued long-term success. ”

Westlake products and materials improve people’s lives every day. They can be found in a wide range of consumer goods and essentials such as drinking water disinfectants; food-grade plastic films used to maintain food safety and freshness; various consumer goods including toys, shoes, furniture, car showrooms and electronics; and medical devices and applications such as bags for internal administration and tubes for dialysis machines. In addition, Westlake manufactures key finished products for construction and infrastructure, such as PVC pipes for water and sewer; living siding; architectural stone; cement, clay, metal and polymer composite roof; plinths and platbands; products for outdoor living; and more.

The company’s common stock will continue to trade under the symbol “WLK” on the New York Stock Exchange. Holders of stock certificates with the previous name of the company do not need to take any action. Such certificates for shares remain valid and cannot be exchanged.

https://www.chemengonline.com/westlake-announces-name-change-reorganization-into-two-main-segments/ Westlake announces a name change, reorganization into two main segments – Chemical Engineering

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