30 September 2013 09:00 [Source: ICIS news]
LONDON (ICIS)--US-based Westlake Chemical is the ICIS Company of the Year, as announced by ICIS Chemical Business magazine.
“We congratulate Westlake Chemical for an outstanding financial performance in 2012 that has carried into 2013,” said Joseph Chang, global editor of ICIS Chemical Business.
“The company has leveraged the US shale gas advantage in its olefins and vinyls operations with great success, evidenced by the stellar increase in earnings as well as stock price. We congratulate Westlake CEO Albert Chao on the company’s performance,” he added.
Westlake’s net income in 2012 hit a new record, having climbed by 49% to $386m (€286m) from 2011, which was itself a record year. Operating profits in 2012 rose 38% year on year to $615m.
The company is also embarking on a major expansion program to boost olefins and vinyls capacities in the US.
“Our financial strength and flexibility has provided the ability to fund these important capital projects and investments and should provide the platform for future growth,” said Chao, president and CEO of Westlake.
“And we will continue to seek future opportunities for growth through both acquisition and organic growth,” he added.
The ICIS Company of the Year award is given for outstanding financial performance in 2012. It based on a detailed analysis of critical financial measures and ratios and the data collected for the ICIS Top 100 Chemical Companies – a listing of the world’s major producers published in the 9 September issue of ICIS Chemical Business and sponsored by The Valence Group.
Click here to download a PDF of the ICIS Top 100 Chemical Companies
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