Specialty chemicals producer Westlake Chemical (NYSE: WLK ) has acquired the PVC pipe, fittings, profiles, and foundation business of CertainTeed now that all the closing conditions, including a regulatory review, have been met.
Earlier this year Westlake agreed to pay $175 million in cash, including $22 million of working capital and closing adjustments, to buy the pipe and foundation group business of CertainTeed, a subsidiary of French building materials specialist Compagnie de Saint-Gobain. The purchase was seen as enhancing Westlake's North American pipe and building products division, which does business as North American Pipe Corp., by adding specialty product lines, and supporting technology that it didn't currently possess.
Wetlake Chemical President and CEO Albert Chao said:
This acquisition enhances our North American Pipe and building products portfolio by adding specialty product lines and supporting technology that we do not currently have. These new products, technologies, and a broader market reach will increase our ability to service our customers' needs and further differentiate the value of our vinyls integration strategy.
Headquartered in Houston, TX, Westlake Chemical is a manufacturer and supplier of petrochemicals, polymers, and building products, and had revenues of $3.57 billion in 2012.