Westlake Corporation - WLK STOCK NEWS

Westlake Chemical Corporation (NYSE: WLK) has acquired Dimex LLC from Grey Mountain Partners, enhancing its recycled plastic materials processing capabilities.

The acquisition aligns with Westlake's growth strategy and commitment to ESG goals, capitalizing on the increasing consumer preference for recycled materials, as evidenced by a survey indicating that 59% of U.S. consumers value products made with recycled content. Dimex, with over 30 years in the industry, reinforces Westlake's portfolio of sustainable products and innovations.

Westlake Chemical Corporation (NYSE: WLK) addressed the impact of Hurricane Ida on its operations in Louisiana and Mississippi. The company prioritized employee safety and reported that it has sustained limited physical damage to its facilities. Operations will resume based on the availability of utilities and feedstocks. Although the situation remains dynamic, Westlake's forward-looking statements highlight the potential risks and uncertainties surrounding the recovery process. For more details, refer to prior SEC filings.

Westlake Chemical Corporation's subsidiary, NAPCO, has acquired LASCO Fittings LLC, a Tennessee-based manufacturer of PVC fittings, from Aalberts. This strategic acquisition allows NAPCO to expand its product offerings and enter new markets, particularly in plumbing and irrigation. LASCO specializes in smaller fittings, enhancing NAPCO's portfolio that primarily comprises larger diameter products. The acquisition includes LASCO's substantial manufacturing facility and distribution network across the U.S., which employs approximately 560 people.

Westlake Chemical Corporation (NYSE:WLK) announced a regular dividend of $0.2975 per share for Q2 2021, representing a 10.2% increase from the previous quarter's $0.2700. This dividend will be paid on September 8, 2021, to stockholders of record as of August 24, 2021. This marks the 68th consecutive quarterly dividend since the company's IPO in August 2004, highlighting a commitment to returning value to shareholders.

Westlake Chemical Corporation (NYSE: WLK) has priced a public offering totaling $1.7 billion in senior unsecured notes with different maturities: $300 million due 2024, $350 million due 2041, $600 million due 2051, and $450 million due 2061. The proceeds will finance acquisitions, including $2.15 billion for certain Boral Industries subsidiaries, $252.5 million for Lasco Fittings, and $170 million for DX Acquisition Corp. The sale is set to close on August 19, 2021, subject to customary conditions, while the Notes carry varying interest rates from 0.875% to 3.375% depending on maturity.

Westlake Chemical Corporation (NYSE: WLK) has initiated an underwritten public offering of senior unsecured notes under its existing shelf registration. The proceeds will partially fund the acquisition of Boral Industries' North American building products subsidiaries for $2.15 billion, Lasco Fittings for $252.5 million, and DX Acquisition Corp. for $170 million. The offering and its pricing depend on market conditions, but it is not contingent on completing the acquisitions. Leading financial institutions such as Deutsche Bank Securities and BofA Securities are managing the offering.

North American Crane Bureau Group (NACB), a subsidiary of ProBility Media Corp (OTCPK: PBYA), has launched a multi-phase contract with Dominion Energy (NYSE: D) and Westlake Petrochemical (NYSE: WLK). Starting in August, the Westlake program focuses on crane operator training, ensuring participants are prepared for NCCER certification, crucial for OSHA compliance. Additionally, the Dominion contract includes various rigging programs at their Columbia, SC facility, preparing participants for NCCER rigger certifications. NACB boasts over 400 safety programs annually and holds significant industry credentials.

Westlake Chemical Corporation (NYSE: WLK) reported record net income of $522 million, or $4.04 per diluted share, for Q2 2021, up from $15 million in Q2 2020. Record net sales reached $2.859 billion, driven by higher sales prices and margins in major products, particularly in the Vinyls Segment. The company also announced strategic acquisitions of Boral North America and LASCO for $2.4 billion, which are expected to enhance growth opportunities. Operating cash flow was $617 million for Q2, with EBITDA reaching $932 million, a significant increase from the previous year.

Westlake Chemical Corporation (NYSE: WLK) announced plans for a subsidiary to acquire Dimex LLC's parent company from Grey Mountain Partners. Dimex specializes in consumer products made from recycled materials, with annualized sales around $100 million. The transaction is subject to regulatory conditions and expected to close in the latter half of 2021. This acquisition aligns with Westlake's commitment to sustainability and recycling, enhancing their market position and product offerings while benefiting from Dimex’s established distribution and innovation capabilities.