HOUSTON, August 03, 2021--(BUSINESS WIRE)--Westlake Chemical Corporation (NYSE: WLK), today announced plans for one of its subsidiaries to acquire the parent company of Dimex LLC, from Grey Mountain Partners, a private equity firm. Based in Marietta, Ohio, Dimex produces a variety of consumer products made from post-industrial-recycled (PIR) polyvinyl chloride (PVC), polyethylene (PE) and thermoplastic elastomer (TPE) materials, and has annualized sales of approximately $100 million. These consumer products include landscape edging; industrial, home and office matting; marine dock edging; and masonry joint controls. The proposed transaction is subject to customary closing conditions, including the expiration or termination of the applicable waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976, and is expected to close during the second half of 2021.
"Westlake’s pending acquisition of Dimex underscores the company’s longstanding commitment to stewardship of the environment and recycling, and to taking actions that contribute to a sustainable, circular economy," said Robert Buesinger, Executive Vice President, Vinyl Products of Westlake Chemical Corporation. "With over 30 years of experience, Dimex is one of the largest processors of recycled plastic materials in the United States. Dimex also supplies recycled flexible PVC and TPE compounds to other environmentally conscious manufacturers. Because Dimex uses its compounds in its own products, the company is uniquely positioned to understand its customers’ needs and to provide the engineering, manufacturing, and distribution capabilities to meet those needs quickly and effectively. We look forward to welcoming Dimex and its approximately 300 employees to the Westlake family of companies."
Since its founding in 1991 as a regional compounder and extruder, Dimex has grown its consumer and commercial products that are sold into growing markets. Following its acquisition by Grey Mountain Partners in 2013, the company expanded its product development resources, which resulted in the introductions of No-Dig Landscape Edging®, MotionTex® Fitness Equipment Mats, and GrillTex® Under the Grill Protective Deck and Patio Mats. Dimex has also established relationships with major retailers in the United States and has developed its commercial distribution and online commerce channels as well. Over the last four years, Dimex has secured 29 U.S. patents for its products.
Westlake is a global manufacturer and supplier of materials and innovative products that enhance life every day. Headquartered in Houston, we provide the building blocks for vital solutions — from building products and infrastructure materials, to packaging and healthcare products, to automotive and consumer goods. For more information, visit the company's web site at www.westlake.com.
The statements in this release that are not historical statements, including statements regarding the expected timing of closing and whether required regulatory approval will be obtained, are forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are subject to significant risks and uncertainties, many of which are beyond Westlake’s control. Actual results could differ materially, based on factors including, but not limited to: the timing to consummate the proposed transaction; the conditions to closing of the proposed transaction may not be satisfied or the closing of the proposed transaction otherwise may not occur; the risk that HSR approval is not obtained or is obtained subject to conditions that are not anticipated; the diversion of management time on transaction-related issues; and other risks and uncertainties described in Westlake’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which was filed with the Securities and Exchange Commission ("SEC") in February 2021, Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, which was filed with the SEC in May 2021, recent Current Reports on Form 8-K, and other SEC filings. These filings also discuss some of the important risk factors that may affect Westlake’s business, results of operations and financial condition. Westlake undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
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