Westlake Chemical To Buy German Rival For About $667 Mln
May 28 (Reuters) - Petrochemicals company Westlake Chemical Corp said it would buy Germany polyvinyl chloride (PVC) maker Vinnolit Holdings GmbH and its subsidiary companies for 490 million euros ($667 million) from private-equity firm Advent International.
PVC is used in cars, plumbing and a host of other products to insulate electrical cable, and in some applications where it replaces rubber.
Westlake will finance the acquisition with existing cash and credit facilities and expects the deal to close in the third quarter of 2014.
($1 = 0.7345 euros)
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