Georgia Gulf Corporation (NYSE: GGC) today issued the following
statement regarding Westlake Chemical Corporation’s announcement that it
has withdrawn its previously disclosed unsolicited proposal to acquire
Georgia Gulf.
“Georgia Gulf remains focused on executing the Company’s strategy and is
confident that we are well positioned to create significant value for
our stockholders,” said Paul Carrico, President and Chief Executive
Officer. “Georgia Gulf’s significant ability to leverage our access to
low-cost U.S. shale gas and to benefit from continuing growth in global
demand and the recovery of the U.S. housing market, combined with our
highly integrated asset base and access to key export markets, places
Georgia Gulf in an ideal position for the future. We are confident in
our business plan, future prospects and ability to generate significant
value for the benefit of our stakeholders.”
He continued, “As recently announced, the Company’s first quarter 2012
operating results were the best Georgia Gulf has reported for the first
quarter in the past six years, which demonstrates our ability to
generate stockholder value even in a period of volatile macroeconomic
conditions and a slow housing market.”
About Georgia Gulf
Georgia Gulf Corporation is a leading, integrated North American
manufacturer of two chemical lines, chlorovinyls and aromatics, and
manufactures vinyl-based building and home improvement products. The
company's vinyl-based building and home improvement products, marketed
under the Royal Building Products and Exterior Portfolio brands, include
window and door profiles, mouldings, siding, pipe and pipe fittings, and
deck products. Georgia Gulf, headquartered in Atlanta, Georgia, has
manufacturing facilities located throughout North America to provide
industry-leading service to customers. For more information, visit www.ggc.com.
Forward-Looking Statements Disclaimer
This news release contains forward-looking statements subject to the
“safe harbor” provisions of the Private Securities Litigation Reform Act
of 1995 and other federal securities laws. These forward looking
statements relate to, among other things, our expectations of future
results. Forward-looking statements are based on management’s
assumptions regarding, among other things, general economic and
industry-specific business conditions, as well as the execution of our
business strategy, and actual results may be materially different. Risks
and uncertainties inherent in these assumptions include, but are not
limited to, uncertainties regarding future prices and demand for our
products, industry capacity levels for our products, raw materials and
energy costs and availability, feedstock availability and prices,
changes in governmental and environmental regulations, the adoption of
new laws or regulations that may make it more difficult or expensive to
operate our businesses or manufacture our products, our ability to
generate sufficient cash flows from our business, future economic
conditions in the specific industries to which our products are sold,
global economic conditions, our ability to successfully integrate and
execute our business plans for acquisitions and other factors discussed
in the Securities and Exchange Commission filings of Georgia Gulf
Corporation from time to time, including our Annual Report on Form 10-K
for the year ended December 31, 2011, and subsequent quarterly reports
on Form 10-Q.
