Post by Logan on Jun 10, 2016 17:58:55 GMT -6
Atlanta could lose headquarters with $3.8 billion Axiall takeover
A Houston petrochemical company announced that it has reached a $3.8 billion deal to buy metro Atlanta’s Axiall Corp., capping a months-long takeover battle that was beginning to go international.
Atlanta could end up the loser as a result of Westlake Chemical Corp.’s agreement to buy Axiall, which has a Sandy Springs headquarters with about 200 employees.
Westlake executives said they expect to wring out about $100 million in annual savings from the planned merger by focusing on cost cutting in the combined companies’ administrative, purchasing and marketing functions. Those typically account for many corporate headquarters jobs.
The bulk of Axiall’s 6,000 employees work at plants along the Gulf Coast. The company, which changed its name from Georgia Gulf after a 2013 merger, operates several plants in Louisiana, Mississippi and elsewhere that produce industrial chemicals and building materials such as PVC pipe and vinyl siding.
Read more: www.ajc.com/news/business/atlanta-could-lose-headquarters-with-38-billion-ax/nrdc2/
A Houston petrochemical company announced that it has reached a $3.8 billion deal to buy metro Atlanta’s Axiall Corp., capping a months-long takeover battle that was beginning to go international.
Atlanta could end up the loser as a result of Westlake Chemical Corp.’s agreement to buy Axiall, which has a Sandy Springs headquarters with about 200 employees.
Westlake executives said they expect to wring out about $100 million in annual savings from the planned merger by focusing on cost cutting in the combined companies’ administrative, purchasing and marketing functions. Those typically account for many corporate headquarters jobs.
The bulk of Axiall’s 6,000 employees work at plants along the Gulf Coast. The company, which changed its name from Georgia Gulf after a 2013 merger, operates several plants in Louisiana, Mississippi and elsewhere that produce industrial chemicals and building materials such as PVC pipe and vinyl siding.
Read more: www.ajc.com/news/business/atlanta-could-lose-headquarters-with-38-billion-ax/nrdc2/