Westlake To Buy German-based Vinnolit Holdings - Quick Facts

(RTTNews) - Westlake Chemical Corp. (WLK) announced it has signed a definitive agreement to acquire German-based Vinnolit Holdings GmbH and its subsidiary companies from Advent International, a private equity firm, for 490 million euros. Vinnolit is an integrated global leader in specialty polyvinyl chloride resins.

"The acquisition of Vinnolit is an excellent strategic fit for Westlake. It will allow us to expand our chlorvinyl business globally and adds important specialty PVC products and technology to our existing portfolio," said Albert Chao, Westlake's CEO.

Vinnolit has six production facilities, which has a combined annual capacity of 780 thousand metric tons of PVC. Vinnolit's headquarters are located in Ismaning, Germany, outside of Munich. The company generated 917 million euros of revenue in 2013 and employs approximately 1,400 employees.