Petrochemicals company Westlake Chemical Corp said it would purchase Germany polyvinyl chloride (PVC) maker Vinnolit Holdings GmbH and its subsidiary companies for 490 million euros ($667 million) from private-equity firm Advent International. PVC is used in cars, plumbing and a host of other products to insulate electrical cable, and in some applications where it replaces rubber.Westlake will finance the acquisition with existing cash and credit facilities and expects the deal to close in the third quarter of 2014.($1 = 0.7345 euros)
Westlake Chemical Corporation is a vertically integrated manufacturer and marketer of basic chemicals, vinyls, polymers and fabricated building products. Shares of WLK traded higher by 0.03% or $0.02/share to $76.89. In the past year, the shares have traded as low as $44.96 and as high as $78.00. On average, 683908 shares of WLK exchange hands on a given day and today's volume is recorded at 569208.
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