Westlake’s Calvert City Ethylene Plant Down For Repairs
The investigation into the cause of the fire is continuing and damages are still being assessed. However, early indications indicate that the ethylene unit will be out of service for approximately 2- 3 weeks while repairs are made. During this time planned maintenance scheduled for later in the year for the vinyl chloride monomer (VCM) unit will be moved forward, thus reducing the need for further down time throughout the year. The complex's chlorine and PVC units will continue to operate at reduced rates during this time. The company preliminarily estimates that its EBITDA for 2004 will be impacted by this incident by approximately $6 -10mm.
Westlake Vinyls is a subsidiary of Westlake Chemical Corporation, a Houston based international manufacturer and supplier of petrochemicals, polymers and fabricated products. The company's range of products includes ethylene, polyethylene, styrene, vinyl intermediates, PVC and PVC pipe, windows and fence.
Certain of the statements contained in this press release are forward-looking statements. All statements, other than statements of historical facts, included in this press release that address activities, events, or developments that we expect, estimate, believe, or anticipate will or may occur in the future are forward-looking statements. These include such matters as the estimated downtime of the facilities in Calvert City, KY, and the estimated financial impact on the company of the events reported in this press release. We have based these statements on assumptions and analyses in light of our experience operating petrochemical plants and preliminary consultations with outside experts and other factors that we believe are appropriate in the circumstances. These statements are subject to a number of assumptions, risks, and uncertainties, including our contractors' ability to predict the elements of work and their cost and the time required to establish production at the facilities. Many of the factors underlying our estimates are beyond our ability to control or predict. Any of the factors, or a combination of these factors, could materially affect our future results of operations and the ultimate accuracy of the forward-looking statements. These forward-looking statements are not guarantees of our future performance, and our actual results and future developments may differ materially from those projected in the forward-looking statements. Management cautions against putting undue reliance on forward-looking statements or projecting any future results based on such statements.