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Westlake Chemical Corp. announced Thursday (July 1)it had signed a definitive agreement to acquire Elkhart, Ind.-based Bristolpipe Corp. from Heywood Williams Group PLC, according to a report in the Elkhart Truth.
A company spokesperson reported that Bristolpipe’s products are marketed to recreational vehicle manufacturers through the company’s sister division, LaSalle Bristol Corp., a Heywood Williams unit that also is in Elkhart.
According to officials with Westlake Chemical of Houston, Texas the purchase price of $33 million is subject to adjustment at closing, which is anticipated to occur on or about July 31.
“We look at this as a very positive move for Bristolpipe,” said Mike Powell, president. “It will strengthen our ability to compete in the marketplace. It’s good for business, good for the company and good for our employees. … This will make us more vertically integrated.
According to the Truth, Westlake Chemical Corp. supplies PVC resin to Bristolpipe.
Powell said the sale would have no impact on operations at the Bristol, Ind. plant and minor impact at Bristolpipe’s division headquarters in Elkhart.
The Truth reported that the company, which had around $120 milion in revenues for 2003, employs about 200 workers and operates manufacturing plants in Bristol, Pennsylvania and Georgia.
Bristolpipe was for sale in 1999-2000, then taken off the market, Powell said. Westlake Chemical approached Heywood Williams earlier this year about the purchase.