Commodity chemicals maker Westlake Chemical Corporation (NYSE:WLK) reported it has withdrawn its $1.9 billion offer to purchase Georgia Gulf Corporation (NYSE:GGC), after talks with its smaller peer’s management.
Shares of Georgia Gulf dropped 9% to $31.30 in post-market trade on Friday.
Westlake also reported it plans to liquidate its holdings of Georgia Gulf common stock as market conditions authorize.
The firm, in February, had defenseless to withdraw its sweetened $1.9 billion offer, or $35 per share, for Georgia Gulf.
Turning towards the sector LyondellBasell Industries NV (NYSE:LYB) lost -4.29%, Huntsman Corporation (NYSE:HUN) fell -1.40%, Mosaic Co (NYSE:MOS) moved down -2.64%, Flotek Industries, Inc. (NYSE:FTK) dropped -5.14%, Solutia Inc. (NYSE:SOA) which also decreased -0.89% and W.R. Grace & Co. (NYSE:GRA) slipped -1.57%.
Westlake Chemical Corporation (NYSE:WLK) stock in last session held volume of 921,070.00 shares as compare to its average volume of 486,303.00 shares. The stock after opening at $59.22 hit high price of $59.34 and then closed at $56.70 by plunging -5.01%.
As the revenue measures WLK generated revenue of 3.79 billion in the following twelve months income of $261.70 million. The Company showed a positive 6.95% in the net profit margin and in addition to in its operating margin which remained 11.93%. Company’s annual sales growth for the past five year was 7.82%.
The stock showed weekly downbeat performance of -13.20% which was maintained for the month at -10.55%. Likewise the negative performance for the quarter was recorded as -4.14% and for the year was -2.41% while the YTD performance remained at 41.08%.
The WLK past twelve months price to sales ratio was 1.00 and price to cash ratio remained 4.22. As far as the returns are concern, the WLK return on equity was recorded as 15.14% and increased 9.16% return on investment while its return on asset stayed at 8.31%.
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