Westlake Chemical Corp. has changed its name to reflect its growing presence in downstream products.
The Houston-based firm now operates as Westlake Corp. In a news release, President and CEO Albert Chao said that Westlake "has reached an important milestone in the history of our company."
"Our business portfolio has evolved over the last decade," he added. "Through a combination of strategic acquisitions and organic growth that has been fueled by market trends, particularly in the rapidly expanding housing and infrastructure sector, we have made significant progress in diversifying our businesses and broadening our product offering.
"By changing our name, we will better represent the breadth of industries we serve, including housing and construction, automotive and consumer lifestyle, packaging and health care," he said.
In 2021, Westlake completed four acquisitions, three of which were in downstream products. The firm acquired Lasco Fittings Inc., a Brownsville, Tenn.-based manufacturer of injected molded PVC fittings; Dimex LLC, a maker of recycled compounds and outdoors consumer goods in Marietta, Ohio; and — in a massive $2.15 billion all-cash deal — the North American building products business of Australia's Boral Industries Inc.
The Boral unit includes production of roofing; siding, trim and shutters; decorative stone; and windows. The business employs about 4,600 at 29 sites in the U.S. and Mexico. It has annual sales of more than $1 billion.