Aug 3 2004
Westlake Chemical Corporation announced today that, through an indirectly wholly owned subsidiary, it has signed a definitive agreement to acquire substantially all of the net assets of Bristolpipe Corporation.
The purchase price of $33.0 million is subject to adjustment at closing to reflect customary closing adjustments. The closing is anticipated to occur on or about July 31, 2004.
Bristolpipe Corporation, headquartered in Elkhart, Indiana, primarily produces PVC pipe products for a wide range of applications including domestic and commercial drainage, waste, and venting; underground water; sewer pipe and telecommunications cable ducting and is a leading supplier in markets east of the Mississippi. Bristolpipe Corporation reported revenues of approximately $114 million for calendar year 2003. They employ approximately 200 employees and operate three manufacturing plants located in Indiana, Pennsylvania and Georgia.
Albert Chao, President and CEO of Westlake Chemical Corporation, stated, “We are pleased that we have reached a definitive agreement with Bristolpipe and look forward to adding these three plants to our existing North American Pipe business to further strengthen our position in the PVC pipe industry. We have been impressed with the operations of Bristolpipe and plan to build on that strong foundation going forward.”
The closing of the acquisition is subject to the approval of the shareholders of Heywood Williams Group PLC, the ultimate parent company of Bristolpipe Corporation, and the satisfaction of customary closing conditions.
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