Westlake Chemical Corp. (WLK) Wednesday said it has agreed with a subsidiary of the French company Compagnie de Saint-Gobain, to buy its Pipe and Foundation Group, for $175 million in cash.
Pipe and Foundation Group is producer of PVC pipe and fittings for municipal, water well, mining, agriculture and irrigation applications. The acquisition is expected to close in the second quarter of 2013.
Westlake will also acquire technologies and intellectual properties for the production of a number of specialized products, including Certa-Lok restrained joint pipe and Yelomine branded products.
"The acquisition of CertainTeed's PFG business is an excellent strategic fit for Westlake. When completed, it will enhance our North American Pipe and building products portfolio by adding specialty product lines and supporting technology that we do not currently have," stated Albert Chao, Westlake's President and CEO.
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