| Item 7.01. | Regulation FD Disclosure. |
On July 6, 2021, North American Pipe Corporation (“NAPCO”), a wholly owned subsidiary of Westlake Chemical Corporation (“Westlake”), issued a press release announcing the Transaction (as defined below). A copy of the press release is furnished with this Current Report on Form 8-K as Exhibit 99.1.
The information furnished pursuant to this Item 7.01, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and will not be incorporated by reference into any registration statement filed by Westlake under the Securities Act of 1933, as amended, unless specifically identified as being incorporated therein.
On July 4, 2021, NAPCO entered into an Equity Purchase Agreement (the “Purchase Agreement”) with Aalberts U.S. Holding Corp., a Delaware corporation (“Seller”) and wholly owned subsidiary of Aalberts N.V. (“Aalberts”), to purchase Lasco Fittings, Inc., a Delaware corporation (“LASCO”), from Seller for $252.5 million (the “Transaction”), subject to certain closing date adjustments as set forth in the Purchase Agreement.
The closing of the Transaction is expected to occur in the second half of 2021, subject to the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (“HSR”), and other customary closing conditions.
The foregoing description of the Purchase Agreement and the transactions contemplated thereby does not purport to be complete. A copy of the Purchase Agreement will be filed with the Securities and Exchange Commission (“SEC”) as an exhibit to Westlake’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2021.
The Purchase Agreement is not intended to provide any other factual information about NAPCO, Seller or any of their respective subsidiaries or affiliates. In particular, the representations and warranties, including the assertions embodied therein, contained in the Purchase Agreement were made only for the purposes of the Purchase Agreement as of the specific dates therein, were solely for the benefit of the parties to the Purchase Agreement, and may be subject to limitations agreed upon by the parties to the Purchase Agreement. Certain representations and warranties in the Purchase Agreement may be subject to a standard of materiality provided for in the Purchase Agreement that differs from those applicable to investors and have been used for the purpose of allocating risk among the parties, rather than establishing matters of fact. Investors should not rely on the representations, warranties and covenants or any descriptions thereof as characterizations of the actual state of facts or condition of NAPCO, Seller or any of their respective subsidiaries or affiliates. Moreover, information concerning the subject matter of the representations and warranties may change after the date of the Purchase Agreement, which subsequent information may or may not be fully reflected in Westlake’s or Aalberts’ public disclosures. Investors should read the Purchase Agreement together with the other information that Westlake publicly files in reports and statements with the SEC.
Forward-Looking Statements
The statements in this Current Report on Form 8-K that are not historical statements, including statements regarding the closing of the proposed transaction and whether required regulatory approval will be obtained, are forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are subject to significant risks and uncertainties, many of which are beyond Westlake’s control. Actual results could differ materially, based on factors including, but not limited to: the timing to consummate the proposed transaction; the conditions to closing of the proposed transaction may not be satisfied or the closing of the proposed transaction otherwise does not occur; the risk that HSR approval is not obtained or is obtained subject to conditions that are not anticipated; the diversion of management time on transaction-related issues; the ultimate timing, outcome and results of integrating LASCO’s operations and the ultimate outcome of Westlake’s operating efficiencies applied to
