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Recently, the American chemical giant Westlake Chemical Corporation announced that it has changed its name to Westlake Corporation
.
"We have reached an important milestone in the company's history," said Albert Chao, Westlake's president and CEO
.
The company's business portfolio has grown over the past decade, especially as it celebrated its 35th anniversary last year
.
Through a combination of strategic acquisitions and organic growth driven by market trends, particularly in the rapidly expanding housing and infrastructure sectors, the company has made significant progress in diversifying its business and expanding its product offering
.
Westlake officially changed its name on February 18, 2022, with two new financial reporting divisions: Residential and Infrastructure Products, including Westlake Royal Building Products, Westlake Fittings, Westlake Global Complex, and Westlake Dimex; and Performance and Critical Materials, including North American vinyl, North American chlor-alkali and its derivatives, European and Asian vinyl chloride, olefins, polyethylene and epoxy resins
.
Regarding the reason for the name change, Albert Chao said: "By changing our name, we will better represent the breadth of industries we serve, including housing and construction, automotive, consumer living, packaging and healthcare
.
New name and new business units Better reflects the current state of the company and positions it for continued long-term success
.
"
Westlake Chemical has made a series of acquisitions in 2021, including the acquisition of injection-molded PVC fittings maker LASCO Fittings; and the $2.
15 billion cash purchase of the North American building products business of Australian materials company Boral
.
The aforementioned acquisitions have significantly enhanced the company's position in the housing and infrastructure markets and significantly expanded its overall product offering
.
In addition, it recently acquired Hexion's global epoxy resin business for about $1.
2 billion
.
According to the 2021 list of the top 50 U.
S.
chemical companies released by "American Chemical and Engineering News", Westlake Chemical's chemical sales in 2020 will be US$7.
5 billion, ranking ninth
.
