Westlake Chemical Corporation changes name to Westlake Corporation
Westlake Chemical Corporation has announced that it will officially change its name to Westlake Corporation.
Westlake is now organized under a unified brand with two financial reporting segments: Housing & Infrastructure Products and Performance & Essential 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 past decade, particularly in the past year when we celebrated our 35th anniversary. Through a combination of strategic acquisitions and organic growth fueled by market trends, particularly in the rapidly expanding housing and infrastructure sector, we have made significant progress in diversifying our business and expanding our our product offering. By changing our name, we will better represent the range of industries we serve, including housing and construction, automotive and consumer lifestyle, packaging and healthcare.
Westlake made a series of acquisitions in 2021, including LASCO Fittings, LLC, a manufacturer of injection-molded PVC fittings; Dimex LLC, a producer of post-industrial recycled plastic consumer and building products; and Boral Limited’s North American building products businesses, which include roofing, siding, trim, shutters, outdoor products, decorative stone and windows. These acquisitions have significantly strengthened the company’s position in the housing and infrastructure markets and significantly expanded its overall product offering, officials said in a press release. Additionally, Westlake recently completed the acquisition of the global epoxy business of Hexion Inc., a leading supplier of coatings and composites used in high-growth applications such as wind turbine blades and automotive structural components. light.
The company’s two new reporting segments replace the old segments, Olefins and Vinyls. Housing and infrastructure products include Westlake Royal Building Products, Westlake Pipe & Fittings, Westlake Global Compounds and Westlake Dimex. Performance & Essential Materials includes Westlake North American Vinyls, Westlake North American Chlor-alkali & Derivatives, Westlake European & Asian Chlorovinyls, Westlake Olefins, Westlake Polyethylene and Westlake Epoxy.
“As Westlake’s business continues to grow globally, serving multiple industries, what hasn’t changed is our unwavering commitment to the communities where our 16,000 employees work and live, our insistence on high-quality products and services for our customers, and our relentless focus on safety and the environment,” Chao continued. “We are committed to providing our customers with consistent, durable and increasingly sustainable products, while remaining committed to creating value for our shareholders, we believe our new name and segmentation better reflect where our business is today and position us well for continued long-term success.
Westlake products and materials can be found in a wide range of consumer goods and necessities, such as drinking water sanitizers; food grade plastic films used to maintain food safety and freshness; a variety of consumer goods, including toys, shoes, furniture, car interiors and electronics; and medical devices and applications such as IV bags and dialysis machine tubing.
In addition, Westlake produces key end products for construction and infrastructure, such as PVC pipes for water and sewer; residential coating; architectural stone; cement, clay, metal and polymer composite roofs; woodwork and moldings; outdoor products; and more.
The Company’s common stock will continue to trade under the symbol “WLK” on the New York Stock Exchange. Holders of share certificates bearing the old corporate name do not have to take any action at this stage. These share certificates remain valid and do not need to be exchanged.