Westlake to close Cologne PVC plant (165k t/yr); ~$205M pre-tax charges, Q3 2026 results below Q2

WESTLAKE CORP

Plan approved Sept 24, 2026 to cease PVC production at Cologne, Germany site (~165,000 metric tons/year capacity); operations end Q1 2027, cutting ~120 employees.
Total pre-tax charges ~$205M: $105M non-cash ($60M accelerated depreciation, $45M asset write-offs) plus $100M cash ($20M severance, $80M contract termination/decommissioning).
~$110M of charges expected in 2026, remainder in 2027; cash outflows spread over several years; consultations with local works councils began Sept 29, 2026.
Customers to be served from remaining lower-cost German PVC sites, including recently acquired Wilhelmshaven; CEO Jean-Marc Gilson cited weak demand, high energy costs and Asian import pressure.
Q3 2026 PVC and polyethylene North American prices fell vs Q2; Housing & Infrastructure hit by higher diesel-driven freight costs and lower volumes; Q3 results seen sequentially below Q2.

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