Westlake Chemical is the ICIS Company of the Year
NEW YORK and LONDON, September 30, 2013 /PRNewswire/ --
ICIS Chemical Business magazine is pleased to announce that US-based Westlake Chemical has been named the ICIS Company of the Year.
"We congratulate Westlake Chemical for an outstanding financial performance in 2012 that has carried into 2013," said Joseph Chang, Global Editor of ICIS Chemical Business.
"The company has leveraged the US shale gas advantage in its olefins and vinyls operations with great success, evidenced by the stellar increase in earnings as well as stock price. We congratulate Westlake CEO Albert Chao on the company's performance," he added.
Westlake's net income in 2012 hit a new record, having climbed by 49% to $386m from 2011, which was itself a record year. Operating profits in 2012 rose 38% year on year to $615m.
The company is also embarking on a major expansion program to boost olefins and vinyls capacities in the US.
"Our financial strength and flexibility has provided the ability to fund these important capital projects and investments and should provide the platform for future growth," said Albert Chao, president and CEO of Westlake.
"And we will continue to seek future opportunities for growth through both acquisition and organic growth," he added.
The ICIS Company of the Year award is made for outstanding financial performance in 2012 and based on a detailed analysis of critical financial measures and ratios and the data collected for the ICIS Top 100 Chemical Companies - a listing of the world's major producers published in the September 9 issue of ICIS Chemical Business, and sponsored by The Valence Group.
Download the ICIS Company of the Year article plus the ICIS interview with Westlake CEO Albert Chao at http://www.icis.com/Top100Chem
A PDF of the ICIS Top 100 Chemical Companies is also available for download at http://www.icis.com/Top100Chem
ICIS Chemical Business
ICIS Chemical Business is the leading global weekly magazine focusing on commodity chemical and polymer markets, including price trends and the factors impacting these trends. Learn more at http://www.icis.com/about/icis-chemical-business-magazine
ICIS is the trusted information provider for the chemical and energy industries. ICIS aims to help companies in global commodity markets improve their revenues and profits by providing high quality, timely, commercially useful information, business leads and brand positioning across the globe. To find out more, visit http://www.icis.com.
The Valence Group
The Valence Group is the only global M&A adviser focused exclusively on the chemicals and related materials industries. We are the most active chemicals M&A firm in the world, having advised on 30 closed M&A transactions worth approximately $10bn since our formation in 2008. Our offices in New York, London and Shanghai have acted as M&A adviser to many leading companies in the chemicals sector, including Arkema, Cytec, DSM, Eastman, ExxonMobil, INEOS, PolyOne, Solutia, Solvay and Tessenderlo.
Westlake Chemical Corporation
Westlake Chemical Corporation is a manufacturer and supplier of petrochemicals, polymers and building products with headquarters in Houston, Texas. The company's range of products includes ethylene, polyethylene, styrene, propylene, caustic, VCM, PVC and PVC pipe and specialty components, windows, and fence. For more information visit the company's web page at http://www.westlakechemical.com.
For media inquiries, contact:
ICIS Chemical Business
The Valence Group
New York +1-212-847-7340
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