HOUSTON, May 4, 2012 /PRNewswire/ -- Westlake Chemical Corporation (NYSE: WLK) today announced that following acquisition discussions with Georgia Gulf's management under the terms of a confidentiality agreement, it notified Georgia Gulf that Westlake has withdrawn its proposal to acquire all of the outstanding shares of common stock of Georgia Gulf Corporation (NYSE: GGC) and does not intend to continue to pursue a transaction with Georgia Gulf. The company also stated that it plans to liquidate its holdings of Georgia Gulf common stock as market conditions permit.
Albert Chao, President & CEO of Westlake, stated, "We are disappointed in this result but we continue to work on our previously announced important strategic initiatives as well as to look for other opportunities to grow our business. We believe that we are well-positioned for future success."
About Westlake Chemical Corporation
Westlake Chemical Corporation is an international manufacturer and supplier of petrochemicals, polymers and building products with headquarters in Houston, Texas. The company's range of products includes: ethylene, polyethylene, styrene, propylene, caustic, VCM, PVC resin and PVC building products including pipe, windows and fence. For more information visit the company's website at http://www.westlake.com.Forward Looking Statements Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve certain risks and uncertainties. These risks and uncertainties relate to the risks and uncertainties inherent in the petrochemicals, polymers and building products industries discussed in our filings with the Securities and Exchange Commission. Forward-looking statements, like all statements in this press release, speak only as of the date of this press release (unless another date is indicated). We do not undertake any obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise.