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Westlake Corporation reported a larger loss but improving trends in first quarter 2026. Net sales were $2.65 billion versus $2.85 billion a year earlier. The company posted a net loss of $169 million, or $1.31 per share, and EBITDA of $150 million.
Results included $85 million of Identified Items, mainly a $67 million PVC pipe litigation settlement and $18 million of shutdown charges. Excluding these items, net loss was $100 million, or $0.77 per share, and EBITDA was $235 million.
Housing and Infrastructure Products generated $993 million of sales and $186 million EBITDA excluding Identified Items, with a 19% margin, helped by strong pipe and fittings demand from infrastructure spending. Performance and Essential Materials delivered $1.66 billion of sales and $36 million EBITDA excluding Identified Items.
Westlake ended March 31, 2026 with $2.5 billion in cash, cash equivalents and fixed‑income investments and $5.6 billion of total debt. Management targets a $600 million EBITDA uplift in 2026 from footprint optimization, cost savings and reliability, and now expects the HIP segment’s 2026 revenue and margin at the lower end of previously communicated ranges.
Westlake Corporation reports that it and its wholly owned subsidiary Westlake Vinnolit GmbH & Co. KG have signed a non-binding letter of intent with the preliminary insolvency administrator of VYNOVA Wilhelmshaven GmbH. The proposal is to acquire a polyvinyl chloride (PVC) and vinyl chloride monomer (VCM) production site in Wilhelmshaven, Germany.
The potential acquisition remains at an early stage and depends on negotiating definitive agreements, obtaining regulatory approvals, the formal commencement of insolvency proceedings, final approval by the creditors’ committee, and other conditions. Westlake highlights that related statements are forward-looking and subject to significant risks and uncertainties.
Westlake Corporation appointed Jonathan H. Baksht as Senior Vice President and Chief Financial Officer, effective June 15, 2026, succeeding M. Steven Bender, who will become Special Advisor to the President and retire by year-end. Baksht brings prior CFO experience from Fortune Brands Innovations, Pactiv Evergreen and Valaris, along with earlier roles in investment banking and consulting.
His compensation package includes a $200,000 sign-on cash award, a restricted stock unit grant with a grant date fair value of $1,800,000 that vests fully on June 15, 2029, $832,000 base salary for 2026, a target annual bonus of 90% of base pay and a long-term incentive target of 275% of base pay. He will also serve as CFO and a director of Westlake Chemical Partners GP LLC. The company notes there are no family relationships or related-party transactions requiring disclosure in connection with his appointment.
Westlake Corp senior vice president Brian John Powers reported a compensation-related equity award of 1,961 restricted stock units (RSUs), each representing a contingent right to receive one share of Westlake common stock. All of these RSUs are scheduled to vest on April 2, 2029.
This filing reflects a grant/award acquisition rather than an open-market stock purchase or sale, and leaves Powers with a reported total of 1,961 RSUs following the transaction.
Westlake Corporation entered into a new unsecured revolving credit agreement with a syndicate of lenders, providing a senior revolving credit facility of up to $1.5 billion. This new facility replaces Westlake’s prior $1.5 billion revolving credit facility, which was terminated without costs or penalties.
Borrowings may bear interest at a Term SOFR-based rate plus a margin ranging from 1.000% to 1.625%, or at an ABR-based rate plus a margin ranging from 0.000% to 0.625%, in each case depending on Westlake’s credit rating. An undrawn commitment fee between 0.090% and 0.200% also applies based on credit ratings.
The facility, which matures on April 2, 2031, includes a $150 million sub-limit for letters of credit and a discretionary $50 million swingline loan commitment available on a same-day basis. Westlake may, subject to conditions and lender agreement, increase the facility size by up to $500 million in increments of at least $25 million. The agreement includes customary covenants, a quarterly total leverage ratio maintenance test, and standard events of default that can trigger accelerated repayment and higher default interest on overdue amounts.
Westlake Corp senior vice president Brian John Powers filed an initial ownership report showing equity-based compensation in the form of restricted stock units and stock options tied to common stock. He holds RSUs for 5,645 and 882 underlying shares that vest between 2028 and 2030, plus 3,233 stock options at $94.48 per share expiring in 2036, vesting in three annual installments starting in 2027.
Westlake Corporation announced a leadership transition in its Performance & Essential Materials segment. Robert F. Buesinger, currently Executive Vice President and Segment Head, will move to the role of Special Advisor to the President, effective April 2, 2026.
On the same date, the Board appointed Brian Powers as Senior Vice President, Performance & Essential Materials Segment Head. This change reflects planned succession around Mr. Buesinger’s upcoming retirement and keeps him involved in an advisory capacity to support continuity.
Westlake Corporation has issued its proxy statement for the annual stockholder meeting on May 14, 2026 in Houston. Stockholders of record on March 16, 2026, when 128,083,490 common shares were outstanding, may vote on director elections, executive pay on an advisory basis, and auditor ratification.
The company is a New York Stock Exchange "controlled company" because TTWF LP holds 72.5% of the common stock, and uses related governance exemptions while maintaining fully independent audit, compensation, and nominating committees. The filing outlines board structure, committee responsibilities, cybersecurity and sustainability oversight, and director compensation, including cash retainers and restricted stock units.
The proxy also describes executive pay philosophy, heavy use of performance-based incentives tied to economic value added and total shareholder return, 2025 bonuses under the Annual Incentive Plan and Quarterly Incentive Plan, and 2026 target salary, bonus, and long-term incentive levels for key executives.