Westlake Global Compounds and Westlake Dimex, business units of Westlake Corporation (NYSE: WLK), today announced the launch of “Choose Pink,” a pilot polyvinyl chloride (PVC) recycling program with Houston Methodist. The program is the first-of-its-kind at a health care system in Houston and will take place at the Outpatient Center (OPC) at Houston Methodist Hospital, the hospital’s flagship location in the Texas Medical Center.
The Choose Pink pilot recycling program will establish a collection system for post-patient, PVC items such as nasal cannulas and masks; oxygen tubing; and saline bags from outpatient procedures, items traditionally disposed of in the hospital setting. These items will be collected in designated hampers and bags to contain the recycled waste, which will eliminate the need for further material sorting in this program. Bags will be collected and placed into containers and transported to a Houston Methodist warehouse to be loaded onto a semi-trailer that, once filled, will be transported to Westlake Dimex’s facility in Marietta, Ohio for recycling.
“This pilot PVC recycling program is an opportunity for our clinical technicians to divert a substantial amount of material from landfills and into a system where these items may be reformatted for other use,” said Jason Fischer, director of the office of sustainability, Houston Methodist. “At our core, Houston Methodist strives to help people live longer, healthier and happier lives. That commitment, combined with our culture of innovation, extends to the stewardship of our environment. We look forward to this recycling collection system augmenting our ongoing sustainability efforts.”
PVC is a versatile material that is primarily used in long-term goods. For more than 70 years, PVC medical devices have allowed patients and health care professionals to access a range of health care applications for screening, diagnosis, treatment and care. By collecting and recycling single-use healthcare applications, there is opportunity to reduce the hospital’s carbon footprint and prevent sending waste to landfills.
“Westlake is pleased to collaborate with Houston Methodist for this unique opportunity to collect post-patient PVC materials from outpatient procedures and reprocess them into durable consumer goods,” said Andy Antil, general manager of Westlake Dimex, a compounder of recycled polymers. “Once a truckload of the Choose Pink PVC is collected, it will be transported to Westlake Dimex where the material will be weighed, reground, reused and processed into new products such as commercial and retail runner matting, exercise equipment matting, dock edging, and cord protection products.”
Houston Methodist will be the first health care facility to launch a PVC recycling program in the Houston area. Other programs have successfully been launched for PVC medical devices in other countries, including Australia, New Zealand, South Africa, Belgium, Guatemala and the United Kingdom. A PVC medical device recycling program has been underway in Toronto, Canada since 2020, and other programs have recently launched in Atlanta, Chicago and Rochester, New York. According to the Vinyl Institute, 1.1 billion pounds of vinyl is recycled annually in North America, reducing the carbon footprint and preventing waste from entering landfills.
Based on the more than 100 million pounds’ capacity of plastic recycled materials Westlake Dimex processes annually, the Marietta, Ohio-based company is one of the largest processors of post-industrial resins in the U.S. The recycled material collected from Houston Methodist will be reprocessed into consumer and industrial products such as business and home office chair matting; garden edging; profile products for the marine (dock edging), masonry construction (control joints), and electrical cord and cable management (cord protectors); industrial vinyl and rubber runner matting; as well as household mats for all parts of the home.
First-of-its-kind collaboration in Houston will reprocess items into consumer products Westlake Global Compounds and Westlake Dimex, business units of Westlake Corporation (NYSE: WLK), today announced the launch of “Choose Pink,” a pilot polyvinyl chloride (PVC) recycling program with Houston Methodist.
$0.525 per share dividend declared payable on September 5, 2024 The Board of Directors of Westlake Corporation (NYSE: WLK) today declared a regular dividend distribution of $0.525 per share for the second quarter of 2024. This dividend will be payable on September 5, 2024, to stockholders of record on August 20, 2024. This is the 80th successive quarterly dividend that Westlake has declared since completing its initial public offering in August 2004. The statements in this release that are not historical facts, including statements regarding future payment of dividend, are forward-looking statements. These forward-looking statements are subject to significant risks and uncertainties. For more detailed information about the factors that could cause actual results to differ materially, please refer to Westlake’s Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC in February 2024, and Westlake’s Quarterly Report on Form 10-Q for the quarter
Declared quarterly distribution of $0.4714 per unit; 40th consecutive quarterly distribution Westlake Chemical Partners LP (NYSE: WLKP) (the "Partnership") today reported net income attributable to the Partnership in the second quarter of 2024 of $14.4 million, or $0.41 per limited partner unit, an increase of $2.5 million compared to the second quarter 2023 net income of $11.9 million. Cash flows from operating activities in the second quarter of 2024 were $121.9 million, an increase of $23.4 million compared to second quarter 2023 cash flows from operating activities of $98.5 million, due to higher net income. For the three months ended June 30, 2024, MLP distributable cash flow was $17.1 million, an increase of $2.1 million compared to second quarter 2023 MLP distributable cash flow of $15.0 million. The increase in MLP distributable cash flow and associated trailing twelve-month coverage ratio was primarily due to higher production and sales volume due to the Calvert City
Record Housing and Infrastructure Products (HIP) segment income from operations of $266 million Record HIP segment EBITDA of $336 million Sequential increases in Performance and Essential Materials (PEM) segment earnings and margins Westlake Corporation (NYSE: WLK) (the "Company" or "Westlake") today announced second quarter 2024 results. SUMMARY FINANCIAL HIGHLIGHTS (in millions of dollars, except per share data and percentages) Three Months Ended June 30, 2024 Three Months Ended March 31, 2024 Three Months Ended June 30, 2023 Westlake Corporation Net sales $ 3,207 $ 2,975 $ 3,251 Income from operations $ 406 $ 223 $ 396 Operating income margin 13% 7% 12% Net income attributable to Westlake Corporation $ 313 $ 174 $ 297
$0.4714 per unit distribution declared payable on August 27, 2024 The Board of Directors of Westlake Chemical Partners GP LLC, the general partner of Westlake Chemical Partners LP (the "Partnership") (NYSE:WLKP), has declared a distribution of $0.4714 per unit. This is the 40th quarterly distribution announced by the Partnership since its initial public offering. The distribution will be payable on August 27, 2024, to unit holders of record on August 12, 2024. This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of the Partnership’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, the Partnership’s distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate. About Westlake Chemical Partners LP Westlake Chemical
Westlake Chemical Partners (NYSE: WLKP) will release its second quarter 2024 earnings prior to the market opening on Tuesday, August 6, 2024. The company will host a conference call at 1:00 p.m. Eastern Time (12:00 p.m. Central Time) on the same day to discuss the earnings release. To access the conference by phone, it is necessary to pre-register at https://register.vevent.com/register/BI05d1ab2ca68249b69a922d0eae472d31 . Once registered, you will receive a phone number and unique PIN number. When you dial in, you will input the PIN number to be placed into the call. The conference call and replay will be available via webcast at https://edge.media-server.com/mmc/p/qjg77gba and the earnings release can be obtained via the company's Web page at, https://investors.wlkpartners.com/corporate-profile/default.aspx . About Westlake Chemical Partners: Westlake Chemical Partners is a limited partnership formed by Westlake Corporation to operate, acquire and develop ethylene production
Westlake Corporation (NYSE: WLK) will release its second quarter 2024 earnings prior to the market opening on Tuesday, August 6, 2024. The company will host a conference call at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) on the same day to discuss the earnings release. To access the conference by phone, it is necessary to pre-register at https://register.vevent.com/register/BI9ab6061c43e746338afcdc616da9a809 . Once registered, you will receive a phone number and unique PIN number. When you dial in, you will input the PIN number to be placed into the call. The conference call and replay will be available via webcast at https://edge.media-server.com/mmc/p/j9tcjmaf and the earnings release can be obtained via the company’s Web page at https://investors.westlake.com/news/default.aspx . About Westlake: Westlake is a global manufacturer and supplier of materials and innovative products that enhance life every day. Headquartered in Houston, with operations in Asia, Europe and North
Westlake Innovations, Inc., a subsidiary of Westlake Corporation (NYSE: WLK), today announced the company has invested in the Blackhorn Industrial Impact Fund II. The fund seeks to invest in 40 capital-efficient companies enabling the decarbonization of the toughest-to-transition sectors in the U.S. economy. Westlake’s action builds upon the company’s commitment to helping develop a more sustainable future through continuous improvement of its own manufacturing as well as strategic investments in innovative technologies and startup firms.
Jean-Marc Gilson, Experienced Chemicals Industry Executive, Appointed Director, President and CEO Albert Chao and James Chao to Remain Actively Engaged as Executive Chairman and Senior Chairman of the Board, Respectively Westlake Chemical Partners GP LLC, the general partner of Westlake Chemical Partners LP (NYSE: WLKP), today announced that Jean-Marc Gilson, who most recently served as President and Chief Executive Officer of Mitsubishi Chemical Group Corporation, has been appointed to serve as President and Chief Executive Officer and to the Board of Directors of Westlake Chemical Partners GP LLC (the “Board”). Jean-Marc Gilson succeeds Albert Chao who will transition to become Executive Chairman of the Board and James Chao, the current Chairman of the Board, will become Senior Chairman of the Board. These appointments take effect today. Jean-Marc Gilson, named President and Chief Executive Officer of Westlake Corporation (Photo: Business Wire) James Chao said, “This announcement is