HOUSTON--(BUSINESS WIRE)--Jul. 18, 2016-- Westlake Chemical Corporation (NYSE:WLK) announced today that its Calvert City, Kentucky complex is in the process of restarting. This follows an unexpected shut down that occurred on June 1, 2016 as a result of a mechanical failure of its ethylene unit which resulted in a complete outage of the complex, which halted all production including EDC, VCM, Chlor-Alkali and PVC resin. The approximate $40 million impact of this outage will affect both the second and third quarter financial results, with nearly half of this amount impacting the third quarter.
Westlake Chemical Corporation, its subsidiaries and affiliates, have declared force majeure at the Calvert City complex due to this incident. The company is working with its customers and suppliers to mitigate the impact of the outage and to meet their needs as production resumes.
About Westlake Chemical Corporation
Westlake Chemical Corporation is an international manufacturer and supplier of petrochemicals, polymers and building products with headquarters in Houston, Texas. Westlake's range of products includes: ethylene, polyethylene, styrene, propylene, caustic, VCM, PVC suspension and specialty resins and PVC building products including pipe and specialty components, windows, fence, deck and film. For more information, visit Westlake's Web site at www.westlake.com.
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve certain risks and uncertainties. These risks and uncertainties relate to the risks and uncertainties inherent in the petrochemicals, polymers and building products industries discussed in our filings with the Securities and Exchange Commission. Forward-looking statements, like all statements in this press release, speak only as of the date of this press release (unless another date is indicated). We do not undertake any obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise.
Source: Westlake Chemical Corporation