Westlake Chemical to buy Hexion's epoxy business, shares rise

Westlake Chemical Partners LP

24/11/2021 15:02

** Shares of chemicals company  WLK.N  rise as much as 3.14%
to $103 
    ** Co to buy chemical maker Hexion's global epoxy business,
which produces specialty resins used in making wind turbine
blades and light-weight automotive structural components, for
~$1.2 billion  urn:newsml:reuters.com:*:nBw562d3na    
    ** Brokerage Tudor, Pickering, Holt & Co (TPH) says the deal
will increase WLK's vertical integration into high-growth areas
like wind, EVs and aerospace
    ** Deal will be funded with WLK's cash on hand, which means
the company's balance sheet will remain extremely safe and keeps
the door open for additional opportunities - TPH    
    ** Transaction is expected to close in the first half of
2022
    ** Stock up ~26% YTD, as of last close

 (Reporting by Rithika Krishna in Bengaluru)
 ((Rithika.Krishna@thomsonreuters.com;))