Formerly | Westlake Chemical Corporation |
---|---|
Company type | Public company |
Industry | |
Founded | 1986 |
Founder | Ting Tsung Chao |
Headquarters | Houston, Texas, U.S. |
Key people | Albert Chao (President and CEO) |
Revenue | US$15.794 billion (2022) [1] |
3,050,000,000 United States dollar (2022) | |
US$2.247 billion (2022) | |
Total assets | US$20.550 billion (2022) |
Total equity | US$10.465 billion (2022) |
Number of employees | 15,920 (December 31, 2022) |
Website | westlake.com |
Westlake Corporation is an international manufacturer and supplier of petrochemicals, polymers and fabricated building products, which are fundamental to various consumer and industrial markets. [2] The company was founded by Ting Tsung Chao in 1986. [3] it is the largest producer of low-density polyethylene (LDPE) in the US and ranks among the Forbes Global 2000. [4] [5] Westlake Chemical operates in two segments: Olefins and Vinyls, and is also an integrated producer of vinyls, with substantial downstream integration into polyvinyl chloride (PVC) building products. [6]
In 2014, Westlake made a significant expansion in their ethylene production facilities in Sulphur, Louisiana. [7] In 2014, Westlake acquired the German polyvinyl chloride manufacturer Vinnolit. [8]
In 2016, Westlake acquired U.S. chlor-alkali producer Axiall Corporation for US$3.8 billion. [9]
In June 2021, Westlake purchased the United States building products business of Boral for $2.2 billion. [10] [11] In 2022, W. took over Hexion's epoxy division. [12]
In September 2021, an explosion at a Westlake ethylene plant in Sulphur, Louisiana injured 6 workers. In January 2022, an ethylene dichloride tank exploded at a Westlake facility in Westlake, Louisiana injuring 6 workers and triggering a Shelter-in-place order. [13]
Westlake facilities in Louisiana have had uncontrolled chemical releases including benzene, chloroform, ethylene dichloride, hydrogen chloride and vinyl chloride. [14]
The chemical industry comprises the companies and other organizations that develop and produce industrial, specialty and other chemicals. Central to the modern world economy, it converts raw materials into commodity chemicals for industrial and consumer products. It includes industries for petrochemicals such as polymers for plastics and synthetic fibers; inorganic chemicals such as acids and alkalis; agricultural chemicals such as fertilizers, pesticides and herbicides; and other categories such as industrial gases, speciality chemicals and pharmaceuticals.
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Formosa Plastics Corporation is a Taiwanese plastics company based in Taiwan that primarily produces polyvinyl chloride (PVC) resins and other intermediate plastic products. It is the corporation around which influential businessman Wang Yung-ching formed the Formosa Plastics Group, and it remains central to the Group's petrochemical operations. The president of Formosa Plastics Corp. (FPC) is Jason Lin (林健男).
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Mossville is a small, predominantly African American unincorporated community on the outskirts of Lake Charles in Calcasieu Parish, Louisiana, United States. It is part of the Lake Charles Metropolitan Statistical Area and is sandwiched between the much larger and predominantly white towns of Sulphur to the west and Westlake to the east.
Petkim Petrokimya Holding A.Ş. is the leading petrochemical company of Turkey. Founded on April 3, 1965, by Turkish Petroleum in 1965 in Izmir and privatized in 2008 and transferred to SOCAR. The main plant complex is located in Yarımca, Izmit. From 1985 on, a second complex has been constructed in Aliağa, İzmir.
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Ting Tsung "T.T." Chao was a pioneer in international petrochemical and plastics industries in Asia and North America.
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