Westlake Chemical Corporation officially changes its name to Westlake Corporation effective on February 18, 2022.
Westlake is now organized under one unified brand name with two financial reporting segments: Housing & Infrastructure Products and Performance & Essential Materials.
Evolved Business Portfolio
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We have reached an important milestone in the history of our Company,” said Westlake president and chief executive officer Albert Chao. “
Our business portfolio has evolved over the last decade, particularly in the last year when we celebrated our 35th Anniversary.”
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Through a combination of strategic acquisitions and organic growth that has been fueled by market trends, particularly in the rapidly expanding housing and infrastructure sector, we have made significant progress in diversifying our businesses and broadening our product offering.
By changing our name, we will better represent the breadth of industries we serve, including housing and construction, automotive and consumer lifestyle, packaging and healthcare,” added Chao. The Company’s two newly established reporting segments replace the former segments, olefins and vinyls. 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.
Westlake completed a series of acquisitions during 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 living products, decorative stone and windows.
These acquisitions have significantly enhanced the Company’s position in the housing and infrastructure markets and have greatly expanded its overall product offering. In addition, Westlake recently closed the acquisition of the global epoxy business of Hexion Inc.
Serving Multiple Industries
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As Westlake’s business continues to grow globally, serving multiple industries, what has not 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 unrelenting focus on safety and the environment,” continued Chao.
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We are committed to delivering consistent, durable and increasingly sustainable products to customers, while also remaining steadfast in creating value for our shareholders. We believe our new name and segmentation better reflects where our Company is today and positions us well for continued long-term success,” further added Chao.
Westlake’s products and materials enhance people’s lives every day. They can be found in a wide range of consumer goods and necessities, such as disinfectants for drinking water; food-grade plastic films used to keep food safe and fresh; 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.
Additionally, Westlake produces key finished goods for building and infrastructure, such as
PVC pipe for water and sewer; residential siding; architectural stone; cement, clay, metal and polymer composite roofing; trim and mouldings; outdoor living products; and more.
Westlake's Complete Product Range
Source: Westlake Corporation