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Westlake Corporation (NYSE: WLK) is a globally recognized manufacturer and supplier of petrochemicals, plastics, and fabricated products. These products play a crucial role in enhancing the daily lives of people worldwide. From the tires we ride on to the plastic wrap that keeps our food fresh, and from the pipes ensuring clean water to the frames securing our windows, Westlake Corporation's offerings are integral to a multitude of everyday applications.
Headquartered in Houston, Texas, Westlake employs approximately 4,100 people and operates from 16 locations across North America, 7 in Europe, and 1 in China. This extensive network enables the company to efficiently serve a global clientele.
Westlake Corporation's business is divided into two main segments:
- Performance and Essential Materials: This segment provides a wide range of fundamental building blocks for numerous products used in daily life, including olefins, vinyl chemicals, polyethylene, and epoxies. These materials are essential for various industries, from automotive to packaging and construction.
- Housing and Infrastructure Products: This segment focuses on producing finished goods critical to the building products, pipe and fittings, and global compounds businesses. The products in this segment support infrastructure development and housing projects, highlighting Westlake's significant role in these sectors.
Westlake Corporation prides itself on innovation and sustainability. The company has been involved in numerous projects aimed at reducing environmental impact, enhancing product performance, and ensuring safety standards. Recent achievements include advancements in polymer technology and strategic partnerships that expand their market reach and enhance product offerings.
Financially, Westlake Corporation has demonstrated robust performance, reflecting its strategic investments and market positioning. The company's financial health is supported by a strong balance sheet, consistent revenue growth, and effective cost management strategies.
For more detailed information and the latest updates, visit Westlake Corporation's official website.
Westlake Royal Building Products (NYSE:WLK) has introduced Tapco Tape™, a new measuring accessory for Tapco Tools® siding and trim brakes. The accessory enhances efficiency and precision in onsite trim fabrication by providing an instant scale for bends and cut-offs, eliminating the need for separate tape measures. Key features include:
- Easy attachment to Tapco Tools brakes without drilling
- Built-in 1.5" offset for Pro-Cutoff use
- Hinged design for flexible positioning
- Material stops for efficient repeat bends
- Compatibility with multiple brake models including Max-I-Mum® XL, PRO 14®, PRO 19®, Pro® II, Pro® III, Pro® 2000, and Pro® 50"
Westlake (NYSE: WLK) subsidiary Westlake Innovations has invested in Universal Matter, a Burlington, Ontario-based company focused on sustainable graphene production. Universal Matter has developed patented Flash Joule Heating (FJH) technology that enables cost-effective, industrial-scale upcycling of carbon waste into high-quality graphene and graphitized carbon.
The technology, originally developed at Rice University, creates tunable graphene across 1D, 2D, and 3D morphologies, with superior properties for industrial applications. The company has also developed methods to disperse graphene in various mediums, facilitating its incorporation into products like asphalt, concrete, rubber, composites, paints, and coatings.
Westlake Royal Building Products (NYSE: WLK) has launched Dryroll™, a new universal ridge vent and weather block solution. The product features easy rollable installation and provides superior airflow with 15.6 square inches of ventilation per linear foot. Key features include:
- Butyl strips for effective sealing against wind-driven rain and snow
- Available in 11.6" wide 3.7-pound and 14.4" 4.6-pound rolls
- Compatible with Newpoint™ Concrete Roof Tile and US Tile® Clay Roofing Products
- Key component of Westlake Royal™ Cool Roof System
When integrated into the Cool Roof System, Dryroll contributes to up to 22% annual energy savings by enhancing ventilation and energy efficiency.
Westlake (NYSE: WLK) has appointed Roger A. Cregg to its board of directors, replacing Marius A. Haas who retired effective December 10, 2024. Cregg, 68, brings extensive experience in homebuilding and other industries, having most recently served as President, CEO, and Director of AV Homes until its sale to Taylor Morrison Homes in 2018.
Cregg's background includes executive positions at ServiceMaster Company, PulteGroup, Zenith Electronics, and Sweetheart Cup Company. He currently serves on the boards of Comerica, Sterling Infrastructure, and Minto Group. He holds a B.S. in accounting from Northeastern University and an MBA from Northwestern University's Kellogg School of Management.
Westlake (NYSE: WLK) has released its seventh annual 2023 Sustainability Report, highlighting sustainability innovations and operational improvements. The report details the company's community contributions and employee development initiatives.
Key highlights include the introduction of recycled PVC compounds under the Pivotal™ brand, installation of a solar power plant in Spain, participation in a Louisiana renewable power program, and expansion of management training programs. The report follows Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), and Task Force on Climate-Related Financial Disclosures (TCFD) frameworks, providing transparency across Performance & Essential Materials and Housing & Infrastructure Products divisions.
Westlake (NYSE: WLK) has declared a regular quarterly dividend of $0.525 per share for the third quarter of 2024. The dividend will be paid on December 12, 2024, to stockholders of record as of November 26, 2024. The company has maintained a consistent track record of paying and increasing dividends since its first dividend announcement on November 11, 2004, marking a 20-year history of consecutive dividend payments.
Westlake Royal Building Products (NYSE:WLK) has expanded its partnership with Alexandria Moulding to strengthen its distribution footprint in Canada. Alexandria Moulding will now distribute Versetta Stone®, a mortarless cement-based stone veneer siding panel, at locations in Alexandria, Ontario, Calgary, Alberta, and Moxee, Washington. The expansion builds upon their existing partnership, which includes distribution of Royal® Trim & Mouldings and Celect® Cellular Composite Siding. Versetta Stone offers the appearance of hand-laid stone walls with virtually undetectable joints and easy installation features.
Westlake Chemical Partners LP (NYSE: WLKP) reported strong Q3 2024 results with net income of $18.1 million ($0.51 per unit), up from $13.2 million in Q3 2023. Cash flows from operating activities reached $126.1 million, increasing by $25.2 million year-over-year. MLP distributable cash flow was $17.9 million, up $4.3 million from Q3 2023. The company declared its 41st consecutive quarterly distribution of $0.4714 per unit. The improvement was driven by higher third-party ethylene sales volume and margins, with the company strategically deferring the Petro 1 ethylene unit turnaround to Q1 2025.
Westlake (WLK) reported third quarter 2024 results with net sales of $3.1 billion, net income of $183 million (excluding identified item), and EBITDA of $580 million. The quarter was impacted by extended maintenance outages at ethylene JV and chlorovinyl facilities. Sales declined 3% compared to Q2 2024, with a 4% decrease in volume and 1% increase in average sales price.
The company accrued $75 million in mothball expenses related to two units in European epoxy business. Performance and Essential Materials (PEM) segment reported sales of $2.0 billion, while Housing and Infrastructure Products (HIP) segment recorded sales of $1.1 billion. The company ended the quarter with $2.9 billion in cash and $4.6 billion in total debt.
Westlake Royal Building Products (NYSE:WLK) has announced strategic investments to enhance operations and capacity of Newpoint Concrete Roof Tile in Florida. The initiative includes improvements at two manufacturing facilities: Lake Wales, focusing on streamlining operations and improving product quality, and Okeechobee, concentrating on increasing production capacity. The company is highlighting the Saxony 900 profile tile, known for efficient foam-adhesive application and enhanced wind-uplift protection. The expansion includes improvements to e-commerce, delivery services, and roof-load services to reach more areas in Florida.
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