Westlake Corporation - WLK STOCK NEWS

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.

Westlake Chemical Corporation (NYSE: WLK) will announce its second quarter earnings on August 3, 2021, before market opening. A conference call is scheduled for 11:00 a.m. ET to discuss the results. Investors can join by calling (855) 760-8160 or via webcast at this link. A replay will be available for seven days following the call. Westlake, based in Houston, specializes in the manufacture of materials and products used in various industries, including packaging, healthcare, and construction.

North American Pipe Corporation (NAPCO), a subsidiary of Westlake Chemical (NYSE: WLK), will acquire LASCO Fittings, a leader in PVC fittings manufacturing. This transaction aims to enhance NAPCO's market presence, especially in smaller fittings, and cater to diverse markets such as plumbing and irrigation. LASCO operates a significant manufacturing facility in Brownsville, Tennessee, and has a strong distribution network. The acquisition is subject to customary regulatory approvals and expected to close in the second half of 2021.

Westlake Chemical Corporation (NYSE: WLK) has announced a definitive agreement to acquire Boral Industries Inc.'s North American building products businesses for $2.15 billion in cash. The acquisition, subject to regulatory clearance, is expected to enhance Westlake's market scale and product diversity while generating annual cost synergies of approximately $35 million. Boral’s businesses, employing about 4,600 employees across 29 sites, generated over $1 billion in revenue in the fiscal year ending June 30, 2020. The deal is expected to close in the second half of 2021.

Westlake Chemical's Water Treatment division has highlighted its role in a wastewater processing plant upgrade in Donora, Pennsylvania. The borough invested nearly $50 million in this project to enhance Combined Sewer Overflow (CSO) management, making it one of the first in the U.S. to comply with the Clean Water Act. The plant utilizes Westlake's Accu-Tab chlorination and CleanSlate dechlorination systems, known for their efficiency and reliability. This upgrade aims to significantly reduce storm sewage runoff and protect local waterways.

The Board of Directors of Westlake Chemical Corporation (NYSE:WLK) has announced a dividend of $0.2700 per share for Q1 2021. This dividend will be paid on June 9, 2021, to shareholders on record as of May 25, 2021. This marks the 67th consecutive quarterly dividend declared since the company’s IPO in August 2004.