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Westlake Chemical to acquire Axiall for $3.8 bn
14
Jun '16
Courtesy: Westlake Chemical
International petrochemicals manufacturer Westlake Chemical has signed an agreement to acquire the integrated chemicals company Axiall for $33 per share, which comes to approximately $3.8 billion, by the fourth quarter of 2016.

The transaction will provide the company with complementary geographic and product positions, better positioning of the company for margin capture and earnings stability, expanded manufacturing presence and a strong combined balance sheet.

Approved by the board of directors of both companies, the transaction will make the company the third largest producer of chlor-alkali in North America.

“This transaction aligns two remarkable companies, creates a company with greater financial and operational flexibility and accelerates our growth strategy,” Albert Chao, president and CEO of Westlake commented on the acquisition.

“We have tremendous respect for Axiall's employees and look forward to working closely with them to achieve these goals,” he added.

The transaction is subject to the approval of Axiall's stockholders and customary closing conditions.

It is an all-cash transaction. (MCJ)

Fibre2Fashion News Desk - India

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