Westlake Posts Loss on Inventory Write-downs and Other Charges

Westlake Chemical reported a fourth-quarter net loss of $109.6 million, compared to net income of $18.8 million in the same period of 2007. Sales fell 30%, to $597.1 million. Fourth-quarter profits were negatively impacted by about $168 million in inventory losses and unabsorbed fixed costs. Westlake says “a sharp drop in product prices due to the global recession precipitated an abrupt downturn in demand resulting in inventory destocking across customers supply chains.” Westlake says that polyethylene and polyvinyl chloride resin prices fell about...

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