Home / Knowledge / News / Textiles / Westlake Chemical idles Ethylene Plant in Lake Charles
Westlake Chemical idles Ethylene Plant in Lake Charles
18
Dec '08
Westlake Chemical Corporation, the Houston-based petrochemical and fabricated products company, announced that it is idling one of its ethylene plants in Lake Charles, Louisiana due to significant customer inventory destocking and resulting weakened demand of the company's derivative products. A maintenance turnaround scheduled for this plant for the first half of 2009 will be brought forward to be performed during this down time.

The company's plants have been operating at reduced rates since the third quarter of this year due to the general weakened demand as a result of the continued deterioration in the U.S. and global economies and as a reaction to the concurrent sharp product price declines due to the recent collapse in energy and feedstock prices. In an effort to manage the build up of excess inventories and to control costs the company elected to idle the ethylene unit noted above until the market and demand recover.

Lower production, weakened product demand and inventory write downs due to sharp drop in product prices will have a materially negative impact on the company's fourth quarter and full year 2008 results. The company does not anticipate further significant inventory write downs unless there are further material decreases in energy, feedstock and product prices.

"The slowing economic environment is having a more substantial impact on consumer demand and the entire supply chain than previously anticipated, resulting in reduced volumes and margins in our businesses," said Albert Chao, president and chief executive officer. "Our balance sheet and liquidity remain strong and we will build on that strong financial position and continue prudent financial discipline in response to current market challenges. Westlake's product mix and competitive assets are well positioned to create value for our shareholders as the economy improves."

Westlake Chemical Corporation is a manufacturer and supplier of petrochemicals, polymers and fabricated products with headquarters in Houston, Texas. The company's range of products includes ethylene, polyethylene, styrene, propylene, VCM, PVC and PVC pipe, windows and fence.

Westlake Chemical Corporation

Must ReadView All

Textiles | On 10th Dec 2016

US textile & apparel imports fall 6.50% in Jan-Oct ’16

The import of textiles and apparel by United States dropped 6.50 per...

Courtesy: ZDHC

Textiles | On 10th Dec 2016

China Textile Information Centre joins ZDHC programme

China Textile Information Centre (CTIC), a state-owned research...

Apparel/Garments | On 10th Dec 2016

Amazon India aims to be India’s biggest fashion retailer

Since fashion is the second biggest ecommerce category in India,...

Interviews View All

Rahuul Jashnani
Jashn

‘Online economy has changed the whole dynamics of buying habits.’

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search