NAPCO Pipe & Fittings Announces Acquisition of LASCO Fittings, Inc.

July 06, 2021 07:00 AM Eastern Daylight Time North American Pipe Corporation (NAPCO), a subsidiary of Westlake Chemical Corporation (NYSE: WLK), today announced that it will acquire LASCO Fittings, Inc., a Brownsville, Tennessee-based, leading designer, engineer and manufacturer of injected-molded PVC fittings from Aalberts, NV. “We are pleased to announce this acquisition,” said Andre Battistin, vice president, NAPCO Pipe & Fittings. “By adding LASCO Fittings to our product mix, NAPCO will expand into additional markets, particularly as LASCO specializes in half-inch to four-inch fittings and serves the plumbing, pool and spa, industrial, irrigation and retail markets in the United States. LASCO’s product mix is very complementary to our existing range of pipe and fittings products primarily with diameters of four or more inches and will bring additional fittings products to NAPCO’s offerings. We look forward to welcoming LASCO’s approximately 560 employees to the Westlake family of

  • Westlake Corporation will acquire Boral Ltd.’s North American building products businesses for $2.15 billion
  • Acquisition will nearly double Westlake’s building products business by adding leading brands in the premium roofing; siding, trim and shutters; decorative stone; and windows business in North America
  • Additional product lines will broaden Westlake’s footprint into the fast-growing housing markets in North America

Westlake Corporation (NYSE: WLK) today announced that it has entered into a definitive agreement with Boral Industries Inc., a wholly owned subsidiary of Boral Limited (ASX: BLD), under which Westlake will acquire Boral’s North American building products businesses in roofing; siding, trim and shutters; decorative stone; and windows for $2.15 billion in an all-cash transaction. The proposed transaction has been unanimously approved by the boards of directors of both companies and is expected to close in the second half of 2021, subject to the receipt of regulatory clearance as well as other customary closing conditions.

The combination of Westlake’s leading building products with Boral’s product lines creates a stronger business with significantly increased scale, greater product and geographical diversity, and enhanced growth prospects throughout the North American building products market. Westlake expects the proposed transaction to be accretive to its earnings in the first full year of combined operations and expects cost synergies of approximately $35 million per year.

Boral’s North American building products businesses employ approximately 4,600 employees at 29 manufacturing sites in the United States and Mexico.  Boral’s North American building products businesses generated revenues in excess of $1 billion during the fiscal year ended June 30, 2020.

“This transaction will bring well-established and high-quality architectural solutions and premium product brands in roofing; siding, trim and shutters; decorative stone; and windows to complement our existing businesses, including Royal Building Products’ siding, trim and molding, DaVinci composite roofing, NAPCO Pipe and Fittings, and specialty PVC compounding business,” said Westlake President and Chief Executive Officer, Albert Chao. “The combination of Boral North America’s product lines with Westlake’s building products businesses will greatly expand our housing-related building products business and extend our presence in North America.  We look forward to welcoming the Boral employees to the Westlake family and realizing the tremendous opportunities to grow the combined businesses.”

Transaction Details

Westlake will purchase Boral’s building products businesses for $2.15 billion in cash. The purchase price is subject to customary adjustments, including working capital adjustments.

The proposed transaction is subject to customary closing conditions, including the expiration or termination of the applicable waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976.

Deutsche Bank Securities Inc. is acting as financial advisor and Baker Botts L.L.P. is acting as legal counsel to Westlake.  BofA Securities is acting as financial advisor and Alston & Bird LLP is acting as legal counsel to Boral.

Conference Call and Webcast

Westlake will hold a conference call to discuss the proposed transaction at 10:00 a.m. Eastern Time on Monday, June 21, 2021. To access the conference call through a live audio webcast, visit Westlake's Investor Relations page at https://investors.westlake.com/events-and-presentations/default.aspx. The conference call also can be accessed by dialing (855) 760-8160 or (704) 288-0624 for international callers and referencing access code 2963369. Participants should dial in approximately 15 minutes before the call. Individuals who dial in will be asked to identify themselves and their affiliations.

A replay of the call may be accessed through Westlake's Investor Relations page, or by dialing (855) 859-2056 or (404) 537-3406 for international callers. The access code is 2963369. Archived replays of the live webcast will be available on Westlake's Investor Relations page beginning approximately two hours after the call and will be available until Monday, June 28, 2021 at 11:59 p.m. Eastern Time.

About Westlake

Westlake is a global manufacturer and supplier of materials and innovative products that enhance life every day. Headquartered in Houston, we provide the building blocks for vital solutions — from building products and infrastructure materials, to packaging and healthcare products, to automotive and consumer goods. For more information, visit the company's web site at www.westlake.com.

About Boral Limited

Boral is an international building products and construction materials group. In Australia, Boral is the largest integrated construction materials supplier, producing and selling a broad range of construction materials, including quarry products, cement, fly ash, concrete, asphalt and recycled materials, as well as timber, roofing and masonry products. In North America Boral has leading fly ash and building products businesses including roofing, manufactured stone products, lightweight trim and siding, and windows. Employing around 17,500 employees and contractors, Boral's operations span some 650 operating and distribution sites in Australia and North America. 

  • Westlake Significantly Expands its Presence in the Growing North American Home Construction Materials Markets by Acquiring Boral’s North American  Building Products Businesses

Westlake Significantly Expands its Presence in the Growing North American Home Construction Materials Markets by Acquiring Boral’s North American Building Products Businesses

Westlake Chemical Corporation will acquire Boral Ltd.’s North American building products businesses for $2.15 billion Acquisition will nearly double Westlake’s building products business by adding leading brands in the premium roofing; siding, trim and shutters; decorative stone; and windows business in North America Additional product lines will broaden Westlake’s footprint into the fast-growing housing markets in North America Westlake Chemical Corporation (NYSE: WLK) today announced that it has entered into a definitive agreement with Boral Industries Inc., a wholly owned subsidiary of Boral Limited (ASX: BLD), under which Westlake will acquire Boral’s North American building products businesses in roofing; siding, trim and shutters; decorative stone; and windows for $2.15 billion in an all-cash transaction. The proposed transaction has been unanimously approved by the boards of directors of both companies and is expected to close in the second half of 2021, subject to the receipt

The Water Treatment division of Westlake Chemical Corporation, manufacturer of the Accu-Tab® chlorination and CleanSlate® dichlorination systems, today published a new case history outlining the key roles its water treatment systems perform within a recently upgraded wastewater processing plant in Southwestern Pennsylvania. 

Close to $50 million was invested by the borough in new construction and retrofits to the Combined Sewer Overflow (CSO) complex located in Donora, Penn.  The processing plant, run by the Mon Valley Sewage Authority, now better protects surrounding rivers and streams throughout the region from storm sewage run-off contamination.   The Mon Valley project is one of the first in the country to comply with the United States Clean Water Act mandating the reduction or elimination of sewer overflows.  It is the largest CSO of its kind in the nation to use Westlake's solid forms of chlorine and dichlorination chemicals and delivery technologies, which are marketed under the Accu-Tab brand from Axiall Water Treatment, a Westlake business.  

Most processing plants in the United States, and the infrastructures that feed them, were built decades ago. As the population and industries grew so did demand loads on these wastewater treatment facilities.  Consequently,  many are not equipped to process excess wastewater that accompanies heavy rainstorms.  This is when overflows typically occur that may result in untreated water being discharged into rivers and streams.

The Accu-Tab chlorination system, which uses United States Environmental Protection Agency (EPA) certified and National Sanitization Foundation (NSF) Standard 60 and 61 listed Accu-Tab White SI calcium hypochlorite tablets and feed equipment, was selected as the primary treatment chlorination chemical based on its low cost and easier maintenance when compared to ultraviolet light systems.  The longer shelf-life of Accu-Tab chlorine tablets also made the Accu-Tab system a clear choice over liquid chlorine, which degrades faster.  Shelf-life is particularly important because rainstorms are an infrequent occurrence, and the reliable strength of the chlorine to treat the influent water is crucial.  At the end of the process, Westlake's CleanSlate® dechlorination system removes residual chlorine before the water is discharged back into the environment.

“Municipalities and townships that are struggling with how to address their own CSO shortfalls will find valuable information and insights in the Mon Valley project case history.  The management at the Mon Valley Sewage Authority and their community took a forward-thinking approach to improving their wastewater processes  that not only addressed their current combined sewer processing system needs, but one that also looked many years down the road as well," said Noel Irizarry, Westlake vice president Chlor-Alkali & Derivatives.​
 

To view the Mon Valley CSO case history, see https://accu-tab.com/MonValleyCSO

  • Westlake Water Treatment Systems help Pennsylvania borough meet U.S. Clean Water Act

Westlake Water Treatment Systems Help Pennsylvania Borough Meet U.S. Clean Water Act

The Water Treatment division of Westlake Chemical Corporation (NYSE: WLK), manufacturer of the Accu-Tab® chlorination and CleanSlate® dichlorination systems, today published a new case history outlining the key roles its water treatment systems perform within a recently upgraded wastewater processing plant in Southwestern Pennsylvania. Close to $50 million was invested by the borough in new construction and retrofits to the Combined Sewer Overflow (CSO) complex located in Donora, Penn. The processing plant, run by the Mon Valley Sewage Authority, now better protects surrounding rivers and streams throughout the region from storm sewage run-off contamination. The Mon Valley project is one of the first in the country to comply with the United States Clean Water Act mandating the reduction or elimination of sewer overflows. It is the largest CSO of its kind in the nation to use Westlake’s solid forms of chlorine and dichlorination chemicals and delivery technologies, which are marketed

Westlake Chemical Corporation Declares Quarterly Dividend

$0.2700 cents per share dividend declared payable on June 9, 2021 The Board of Directors of Westlake Chemical Corporation (NYSE:WLK) declared today a regular dividend distribution of $0.2700 per share for the first quarter of 2021. This dividend will be payable on June 9, 2021, to stockholders of record on May 25, 2021. This is the 67th successive quarterly dividend that Westlake has declared since completing its initial public offering in August 2004. About Westlake Westlake is a global manufacturer and supplier of materials and innovative products that enhance life every day. Headquartered in Houston, we provide the building blocks for vital solutions — from packaging and healthcare products to automotive and consumer goods, to building and construction products. For more information, visit the company's web site at www.westlake.com . View source version on businesswire.com: https://www.businesswire.com/news/home/20210514005510/en/ Media Inquiries:
Westlake Chemical Corp.

Westlake Chemical Partners LP Announces First Quarter 2021 Results

• Declared quarterly distribution of $0.4714 per unit; 27th consecutive quarterly distribution • Ethylene sales agreement benefits Westlake Partners, providing predictable cash flows Westlake Chemical Partners LP (NYSE: WLKP) (the "Partnership") today reported net income attributable to the Partnership of $15.1 million, or $0.43 per limited partner unit, for the three months ended March 31, 2021. Ethylene production in the first quarter was impacted by a severe winter storm. As a result of the storm, Westlake Chemical OpCo LP ("OpCo") declared force majeure under OpCo's Ethylene Sales Agreement with Westlake Chemical Corporation ("Westlake Chemical"). Under this agreement, Westlake Chemical is obligated to purchase a defined amount of ethylene from OpCo each calendar year at cost plus a fixed price per pound. As a result of this agreement, net income in the first quarter of 2021 included a $9.7 million benefit related to a 2021 buyer deficiency as well as recovery of certain other

Westlake Chemical Corporation Reports First Quarter 2021 Results

• 154% increase in first quarter 2021 operating income of $346 million vs first quarter 2020 Westlake Chemical Corporation (NYSE: WLK) (the "Company" or "Westlake") today reported net income attributable to Westlake for the three months ended March 31, 2021 of $242 million, or $1.87 per diluted share, on net sales of $2,357 million. Net income in the first quarter of 2021 increased by $97 million from first quarter 2020 net income of $145 million, or $1.13 per share, on net sales of $1,932 million. Income from operations of $346 million for the first quarter of 2021 increased by $210 million from income from operations of $136 million for the first quarter of 2020. The increases in net income and income from operations were primarily driven by higher sales prices and integrated margins for most of our major products including polyethylene and PVC, as well as higher earnings resulting from strong demand in our downstream building products business. These increases in demand were driven

Westlake Chemical Partners LP Announces First Quarter 2021 Distribution

$0.4714 cents per unit distribution declared payable on May 27, 2021 The Board of Directors of Westlake Chemical Partners GP LLC, the general partner of Westlake Chemical Partners LP (the "Partnership") (NYSE:WLKP), has declared a distribution by the Partnership of $0.4714 per unit. This is the 27th consecutive quarterly distribution announced by the Partnership since its initial public offering. The distribution will be payable on May 27, 2021, to unit holders of record on May 13, 2021. This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of the Partnership’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, the Partnership’s distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate. About Westlake Chemical

Marking the company's ninth year of dedicated recycling efforts, DaVinci Roofscapes has now reprocessed more than 8,000,000 pounds of polymer scrap materials. The announcement comes in conjunction with Earth Day 2021, a focus on restoring our earth.

“In 2020 alone we reprocessed more than 1.1 million pounds of scrap materials," says Bryan Ward, vice president of operations at DaVinci Roofscapes in Lenexa, Kan. “This recycled polymer product went into the making of slate and shake starter shingles and other accessory parts for our customers' homes."

The DaVinci Roofscapes facility has achieved net zero landfill scrap for four consecutive years. Every pound of scrap generated by the company's expansive manufacturing operations goes into repurposed product.

“This is our way of life," says Ward. “We continuously invest in green initiatives from both a personnel and capital expenditures standpoint. We're particularly pleased that our process engineers have developed innovative tooling to mold accessory parts that use only our reprocessed scrap."

Where Does Polymer Scrap Come From?

A manufacturer of both polymer roofing and siding tiles, DaVinci Roofscapes uses virgin resins to make their products. An industry leader in color offerings, the company has 27 unique color blends and more than 50 stock colors.

“After we finish 'running' a color of product, there's a transitioning period between colors," says Ward. “Those transition tiles are 'off spec' and cannot be used."

The transition tiles are carefully pulled off the product line and segregated into specifically colored scrap bins by employees. The tiles are then ground up and repurposed into starter tiles, which are generally not seen on a roof.

“This is a true win-win for our company and the environment," says Ward. “With 100 percent of our materials being used or reused, we have net zero landfill scrap."

Zero Waste at DaVinci

DaVinci slate and shake tiles are made of virgin resins, UV and thermal stabilizers. A highly-specialized fire retardant is added to the mix, making them fire-resistant. DaVinci products are warranted to last for decades on homes and commercial projects. However, after their lifespan, they are also 100 percent recyclable.

“We always stop each year to mark Earth Day on April 22nd," says Ward. “It's a time to reflect on all the positive accomplishments our team achieves every day at our facility. Imagine what eight million pounds of scrap polymer would look like in a landfill. It's mind boggling to imagine we have repurposed such a vast amount of waste product.

“It's a significant part of our ongoing legacy at DaVinci that we have developed the processes to completely eliminate waste from our operations. This is definitely a source of both pride and awe at our company."

  • Earth Day 2021: 8+ Million Pounds of Waste Recycled at DaVinci Roofscapes