Recent Updates — WLK
Westlake Corporation approved a plan to cease operations at its PVC production plant in Cologne, Germany, citing challenging market conditions including weak demand and elevated energy costs. The facility has an annual capacity of approximately 165,000 metric tons. Cessation is expected in the first quarter of 2027, resulting in a workforce reduction of about 120 employees. Westlake expects to incur total pre-tax charges of approximately $205 million, comprising $105 million in non-cash charges and $100 million in cash charges. Approximately $110 million of these costs will be recognized in 2026, with the remainder in 2027. The company plans to reallocate volumes to lower-cost facilities, including its recently acquired Wilhelmshaven site. Westlake is a global manufacturer and supplier of chemicals and materials.
Westlake Corporation appointed Tommy E. Darby as Vice President and Chief Accounting Officer effective August 31, 2026. Mr. Darby succeeds Jeffrey A. Holy, who transitions to Vice President of Finance and Investor Relations. The new officer receives an annual salary of $440,000, a sign-on restricted stock unit award valued at $135,000 vesting in August 2029, and standard incentive plan targets. This is a routine executive appointment without material governance implications or contested votes. Westlake Corporation operates in the chemical manufacturing industry.
Westlake Corporation reported second quarter 2026 net income of $260 million, or $2.01 per diluted share, on net sales of $3.27 billion. EBITDA reached $679 million, a significant improvement from the prior year's $210 million and first quarter's $150 million. The company reduced total debt by approximately $500 million through the redemption of its 3.60% Senior Notes maturing in 2026 and replaced its existing revolving credit facility with a new $1.5 billion revolver expiring in 2031. Cash, cash equivalents, and fixed-income investments totaled $1.9 billion as of June 30, 2026. Westlake Corporation is a global manufacturer and supplier of chemicals and building products.
On July 29, 2026, the District Court of Amsterdam dismissed claims against Westlake Corporation in two lawsuits within the Ethylene Antitrust Litigation: one filed by Shell Chemical Europe B.V. seeking approximately €1,025 million in damages and another by Stichting Ethylene Claims for a declaratory judgment. These dismissals are subject to appeal, and twelve other related lawsuits remain pending at first instance courts. Westlake Corporation operates in the petrochemical industry, producing plastics and chemicals.
On June 15, 2026, Westlake Corporation announced that its wholly owned subsidiary, Westlake Vinnolit GmbH & Co. KG, completed the acquisition of a polyvinyl chloride (PVC) and vinyl chloride monomer (VCM) production site in Wilhelmshaven, Germany. Westlake Corporation is a global manufacturer of petrochemicals, polymers, and building products.