Mexichem SAB de CV, a maker of PVC pipe, resins and compounds as well as other specialty chemicals, has changed its name to Orbia Advance Corp.
In a news release, officials with Mexico City-based Orbia said that the name change "is part of the company's new strategy related to the operational reorganization of its global businesses and the launching of a new corporate name and brand."
Orbia has grown rapidly through a series of acquisitions in recent years. Its largest recent deal came in August 2017 when it acquired an 80 percent stake in irrigation products maker Netafim Ltd. of Israel for almost $1.9 billion.
Orbia now employs more than 22,000 worldwide. The firm posted sales of $7.2 billion in 2018. Its product lines include Vestolit PVC resin, AlphaGary PVC compounds, Wavin pipe and Dure-Line conduit.
In the first half of 2019, Orbia's sales fell 3 percent to $3.6 billion. The firm's first-half profit tumbled 40 percent to $190 million. In vinyls — now known as Polymer Solutions — Orbia's first-half sales volume in pounds was down 3 percent to just under 2.8 billion pounds.
Orbia's per-share stock price began 2019 near $50 but was under $37 in late trading Sept. 5 for a decline of 26 percent.