Plastics Reclamation Plant Liquidation
Sortation, Grinding, Washing and Starlinger Equipment For Sale
Equipment sold individually
Bids accepted first come, first served basis.
Subject to prior sale.
All offers due by Nov. 7
Click here for pictures and detailed equipment list
Contact David for additional information at 1-630-235-8171
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Westlake’s 3Q net income down 64.2% on Petro 1, Calvert City plant outages
HOUSTON, November 8, 2016 (PCW) – Westlake Chemical on Tuesday reported third-quarter net income of $65.7 million, down $117.9 million, or nearly 64.2%, from the $183.6 million seen in the year-ago period. The decrease was attributed by outages and lost production from the company’s Petro 1 olefins plant and Calvert City facility.
Quarterly earnings were also hit by $82.8 million in acquisition-related costs (Westlake purchased PVC firm Axiall); $36 million in lost sales and turnaround costs from the Petro 1 ethylene unit and Calvert City facility, among others.
Westlake began a turnaround and expansion at the Petro 1 cracker at Lake Charles in mid-April that lasted through early August. The unit increased its capacity by 250 million lbs/yr to 1.45 billion lbs/yr. The Calvert City complex had a complete shutdown on June 1 due to a mechanical failure. All production was shuttered including that of ethylene, EDC, VCM, chlor-alkali and PVC resin. The plant also has a PVC production capacity of 1.3 billion lbs/yr. The company declared a force majeure on all products coming out of facility in late June. The 450 million lbs/yr ethylene unit was restarted in late July.
Additionally, the company on Tuesday said its earnings were impacted by lower integrated olefins margins, primarily due to higher feedstock and inventory costs, and trading losses of $7.8 million, compared to a gains of $11.6 million in 2Q 2016. -- Samantha Hartke