Westlake Chemical to Commence Construction of Chlor-Alkali Plant
HOUSTON, Aug 31, 2010 /PRNewswire via COMTEX/ --
Westlake Chemical Corporation (NYSE: WLK) announced today it is proceeding with the previously announced construction of a new chlor-alkali plant to be located at its vinyls manufacturing complex in Geismar, Louisiana.
The new chlor-alkali unit is estimated to produce 250,000 electrochemical units (ECU's) annually, bringing the company's total estimated ECU capacity upon completion to 525,000 per year. This new plant is consistent with Westlake's vertical integration strategy for its vinyls business and will allow the company to achieve chlorine integration.
The construction costs for this chlor-alkali facility are estimated to range between $250 million and $300 million. The project is targeted for start-up in the second half of 2013 and will be partially funded by the Gulf Opportunity Zone bonds issued by the company. The plant will utilize state of the art membrane technology and is expected to create approximately 100 permanent positions and 400 to 500 construction jobs. The new unit will be adjacent to the existing vinyl chloride monomer (VCM) and polyvinyl chloride (PVC) facilities at the Geismar complex.
Westlake Chemical Corporation (WLK)
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, caustic, VCM, PVC and PVC pipe, windows and fence. For more information, visit the company's Web site at http://www.westlake.com.
The statements in this release relating to the new construction, as well as any other matters that are not historical facts, are forward-looking statements that are subject to risks and uncertainties. Actual results could differ materially. For more detailed information about factors that could cause actual results to differ materially, please refer to Westlake's Annual Report on Form 10-K for the year ended December 31, 2009, which was filed in February 2010.
SOURCE Westlake Chemical Corporation