By Frank Esposito
SENIOR STAFF REPORTER
Published: April 29, 2014 3:07 pm ET
Updated: April 29, 2014 5:56 pm ET
Image By: Westlake Chemical
Houston-based Westlake Chemical is about to develop a new business, Westlake Chemical Partners LP.
The ongoing natural gas boom is leading Westlake Chemical Corp. to file an initial public stock offering for Westlake Chemical Partners LP, a new business that will operate, develop and acquire production facilities and assets related to plastic feedstock ethylene.
Pipeline assets also are expected to be included in the new firm, according to an April 29 news release. Houston-based Westlake will be majority owner of the new entity. The IPO is expected to raise $272 million, but no listing date or per-share price range was included in the release.
The new company will trade under the symbol WLKP.
Westlake already is flush with the success of a surging per-share stock price that led to a two-for-one stock split on March 18. For full-year 2013, the firm’s profit grew almost 60 percent to more than $610 million. Annual sales grew more than five percent tom almost $3.8 billion.
Westlake — with major businesses in ethylene, polyethylene and PVC resin and pipe — has benefited from low-priced natural gas feedstock at many points of its production chain. The firm added 230 million pounds of ethylene capacity last year at its plant in Lake Charles, La. In 2014, Westlake plans to add almost 200 million pounds of PVC resin capacity and 180 million pounds of ethylene capacity at a site in Calvert City, Ky. | 
