BusinessWestlake to Purchase Hexion’s International Epoxy Enterprise

Westlake to Purchase Hexion’s International Epoxy Enterprise

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Main international provider of coatings and composites utilized in wind turbine blades and automotive structural parts to develop Westlake’s chemical substances portfolio

HOUSTON, November 24, 2021–(BUSINESS WIRE)–Westlake Chemical Company (NYSE: WLK), at this time introduced that it has entered right into a definitive settlement with Hexion Inc. to amass Hexion’s international epoxy enterprise for roughly $1.2 billion. Primarily based in Rotterdam, The Netherlands, Hexion’s epoxy enterprise is an trade chief within the manufacture and growth of specialty resins, coatings and composites for quite a lot of industries, together with high-growth and sustainability-oriented end-uses reminiscent of wind turbine blades and lightweight automotive structural parts. Within the twelve months ended September 30, 2021, Hexion’s epoxy enterprise had internet gross sales of roughly $1.5 billion.

With this transaction, which is anticipated to be accomplished within the first half of 2022 following customary closing situations, Westlake will considerably develop its built-in enterprise by including a downstream portfolio of coatings and composite merchandise to its main chloro-vinyls companies.

“Mild-weighting is a essential function for the manufacture of structural parts for vehicles and for renewable power, notably the composite blades utilized by wind generators, and epoxies are key elements for these sustainable merchandise,” mentioned Westlake President and Chief Govt Officer Albert Chao. “The industries served by Hexion Epoxy are very engaging to Westlake and the enterprise is predicted to be a synergistic addition to Westlake’s present companies. We sit up for welcoming the Hexion epoxy staff to the Westlake household and realizing the large alternatives to develop the mixed companies.”

Hexion Epoxy is a worldwide main producer of epoxy resins, modifiers and curing brokers for high-performance supplies, coatings and composites. The fully-integrated enterprise consists of upstream base epoxy resins and intermediates delivered as liquid or strong epoxy resins, as nicely downstream specialty epoxy resins utilized in coatings and composites. Hexion Epoxy operates globally on three continents with eight manufacturing amenities and 5 analysis and growth labs situated in Asia, Europe and the USA, in addition to tolling websites in Asia.

About Westlake

Westlake is a worldwide producer and provider of supplies and modern merchandise that improve life day by day. Headquartered in Houston, we offer the constructing blocks for very important options — from constructing merchandise and infrastructure supplies, to packaging and healthcare merchandise, to automotive and shopper items. For extra info, go to the corporate’s site at www.westlake.com.

Ahead-Wanting Statements

The statements on this launch that aren’t historic statements, together with statements concerning the anticipated timing of closing, whether or not required regulatory approval will probably be obtained, and potential advantages of the transaction are forward-looking statements inside the that means of the U.S. securities legal guidelines. These forward-looking statements are topic to important dangers and uncertainties, a lot of that are past Westlake’s management. Precise outcomes might differ materially, based mostly on components together with, however not restricted to: the timing to consummate the proposed transaction; the situations to closing of the proposed transaction is probably not glad or the closing of the proposed transaction in any other case might not happen; the danger that regulatory approval shouldn’t be obtained or is obtained topic to situations that aren’t anticipated; the diversion of administration time on transaction-related points; and different dangers and uncertainties described in Westlake’s Annual Report on Type 10-Ok for the fiscal yr ended December 31, 2020, which was filed with the Securities and Change Fee (“SEC”) in February 2021, Westlake’s Quarterly Report on Type 10-Q for the quarter ended September 30, 2021, which was filed with the SEC in November 2021, Westlake’s latest Present Studies on Type 8-Ok, and Westlake’s different SEC filings. These filings additionally talk about among the necessary threat components that will have an effect on Westlake’s enterprise, outcomes of operations and monetary situation. Westlake undertakes no obligation to revise or replace publicly any forward-looking statements for any motive.

View supply model on businesswire.com: https://www.businesswire.com/information/house/20211124005850/en/

Contacts

Media Relations – L. Benjamin Ederington – 1-713-585-2900
Investor Relations – Steve Bender – 1-713-585-2900



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