Westlake Corp (NYSE: WLK) has been one of the top mid-cap stocks to own for decades, according to hedge funds. On June 15, Westlake Corp (NYSE:WLK) strengthened its Performance & Essential Materials business by completing the acquisition of a polyvinyl chloride and vinyl chloride monomer production site located in Wilhelmshaven, Germany.
The company completed the acquisition through its German subsidiary Westlake Vinnolit GmbH & Co. KG. The acquired polyvinyl chloride and vinyl chloride monomer production site has the potential to produce 380,000 metric tons of PVC per year, thereby expanding Westlake's global chlorovinyl manufacturing footprint.
The acquired production site's competitive edge stems from its advantageous logistical infrastructure, which includes a deep-water dock that enables efficient raw material supply. Consequently, it is expected to strengthen the company's chlorovinyl production facilities in Europe and North America.
Meanwhile, on July 1, Mizuho reiterated a Neutral rating on the stock but lowered its price target to $88 from $110. The price target cut comes on the research firm lowering price targets for most of its basic chemical targets as focus shifts to technology material stocks.
Westlake Corp (NYSE:WLK) is a global industrial company that manufactures basic petrochemicals, polymers, and building products. They produce the raw chemical building blocks used in everyday items, such as food packaging, medical devices (like IV bags), clean-water piping, and automotive components.
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