Westlake Chemical Corp. has changed its name to reflect its growing presence in downstream products.
The Houston-based firm now operates as Westlake Corp. In a news release, President and CEO Albert Chao said that Westlake "has reached an important milestone in the history of our company."
"Our business portfolio has evolved over the last decade," he added. "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 health care," he said.
In 2021, Westlake completed four acquisitions, three of which were in downstream products. The firm acquired Lasco Fittings Inc., a Brownsville, Tenn.-based manufacturer of injected molded PVC fittings; Dimex LLC, a maker of recycled compounds and outdoors consumer goods in Marietta, Ohio; and — in a massive $2.15 billion all-cash deal — the North American building products business of Australia's Boral Industries Inc.
The Boral unit includes production of roofing; siding, trim and shutters; decorative stone; and windows. The business employs about 4,600 at 29 sites in the U.S. and Mexico. It has annual sales of more than $1 billion.
Westlake's only materials-related acquisition of 2021 was its deal for the global epoxy business of Hexion Inc. That unit supplies coatings and composites for wind turbine blades, light-weight automotive structural components and similar uses.
Westlake also now is reporting its financial results under two segments: Housing & Infrastructure Products and Performance & Essential Materials. The firm remains a major North American supplier of polyethylene and PVC resins, but now generates just over 25 percent of annual sales from building products.
On Feb. 22, Westlake reported full-year financials for 2021. Total sales surged 57 percent vs. 2020 to $11.8 billion, with profit coming in at almost $2.1 billion for the year, more than five times its 2020 level.
Sales in Performance & Essential Materials, including PE and PVC, were up almost 59 percent for the year to $8.7 billion. Housing & Infrastructure Products saw sales growth of 52 percent to $3.1 billion.
Looking ahead, Chao said that "we remain confident in the fundamentals of our business and the markets in which we participate."
"Market conditions continue to look favorable in 2022," he added. "With the groundwork we have laid through organic growth projects and our transformative acquisitions … we are excited about the future ahead."
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