Westlake Corporation has announced a significant reorganization plan impacting its operations in Europe, specifically at its Pernis facility in the Netherlands. The company plans to cease operations at the entire facility, which includes allyl chloride, epichlorohydrin, liquid epoxy resin, and bisphenol A units, due to continued business deterioration in the region. This decision follows the mothballing of certain units in July 2024. The closure is expected to incur total pre-tax costs of approximately EUR 190 million, with workforce reductions affecting around 230 employees. Westlake intends to continue serving its customers from its Deer Park, Texas facility. The company is currently in consultations with local works councils and unions, and more detailed financial implications will be disclosed in future SEC filings.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.