MOSCOW (MRC) -- Westlake Chemical Corporation has announced that one of its wholly owned subsidiaries, Westlake Chemical Partners LP, has filed a Registration Statement on Form S-1 with the US Securities and Exchange Commission ("SEC") relating to its proposed initial public offering of common units representing limited partner interests, reported Westlake on its site.
Chemical Partners is a Delaware limited partnership recently formed by Westlake to operate, acquire and develop ethylene production facilities and related assets. Chemical Partners' initial assets are expected to consist of the general partner interest and a portion of the limited partner interest in Westlake Chemical OpCo LP, which will own and operate ethylene production and pipeline assets.
The number of common units to be offered and the price range for the offering have not been determined. Westlake will own the general partner of Chemical Partners and all of its incentive distribution rights and expects to retain a majority of Chemical Partners' units representing limited partner interests.
A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.
As MRC wrote earlier, in late December 2013, Westlake Chemical Corporation started-up its new chlor-alkali plant located at its vinyls manufacturing complex in Geismar, Louisiana. This new chlor-alkali plant has the capacity to produce 350,000 electrochemical units (ECU's) annually and utilizes state of the art membrane technology. The plant is adjacent to the existing vinyl chloride monomer (VCM) and polyvinyl chloride (PVC) facilities at the Geismar complex.
Westlake Chemical Corporation is a manufacturer and supplier of petrochemicals, polymers and building products with headquarters in Houston, Texas. The company's range of products includes: ethylene, polyethylene, styrene, propylene, caustic, VCM, PVC resin and PVC building products including pipe and specialty components, windows and fence.
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