axiall corp (AXLL) Key Developments
Axiall Corporation Announces Board Changes
Jul 28 15
On July 28, 2015, Axiall Corporation announced that Joseph C. Breunig will step down from his current position as the company's Executive Vice President, Chemicals, effective September 1, 2015. On July 28, 2015, the company announced that its Board of Directors has promoted William H. Doherty to become Senior Vice President, Chemicals, effective July 27, 2015.
Axiall Corporation Announces Management Changes
Jul 6 15
Axiall Corporation announced that Paul D. Carrico has retired as president, chief executive officer and a member of the Axiall Board of Directors, effective immediately. The Axiall Board has an active search process under way to select the next CEO to strengthen the company’s financial performance and drive enhanced shareholder value. Until that search is completed, Timothy Mann, Jr., executive vice president of strategy, general counsel and secretary, will serve as Axiall’s interim president and CEO. Prior to his appointment as interim president and CEO, Mr. Mann, served as executive vice president of Axiall responsible for strategy, as well as general counsel and secretary. In this role, he led the Axiall team that designed and negotiated the joint venture with Lotte Chemical. For more than five years prior to joining Axiall in July 2012, he was a partner at the international law firm Jones Day, where his practice focused primarily on public and private merger and acquisition activities and corporate governance, including executive compensation and general corporate counseling. Mr. Carrico, was appointed president and CEO of Georgia Gulf Corporation in 2008.
Axiall Seeks Buyer For Aromatics Business
Jun 18 15
Axiall Corporation (NYSE:AXLL) is advancing on plans to divest its aromatics business, with potential buyers expected to indicate their interest later this month.
Axiall Corporation - Shareholder/Analyst Call
Jun 17 15
To discuss the revised joint venture arrangements with Lotte Chemical Corporation and other business developments
Axiall and Lotte Chemical Finalize Joint-Venture Arrangements
Jun 17 15
Axiall Corporation and Lotte Chemical Corporation of the Republic of Korea announced that the companies have finalized their joint-venture arrangements to construct an ethane cracker. The final investment decision remains subject to approval by both companies’ boards of directors. The companies have formed LACC LLC to design, build and operate an ethane cracker in Louisiana that would produce approximately one million metric tons of ethylene annually once it commenced operation. Since announcing their intent to partner on the project in February 2014, Axiall and Lotte have also completed a joint FEED study for the plant. The two are now evaluating final project details, including site selection, which is anticipated in Lake Charles, La. A final investment decision is anticipated in the second half of 2015. If approved, the plant’s anticipated start-up would be the end of 2018. If approved by Lotte’s Board of Directors, Lotte Chemical also plans to build a monoethylene glycol (MEG) plant adjacent to the proposed cracker. Axiall would not have any investment in or ownership of that MEG plant. Financial terms of the joint venture call for Lotte to lead the project with Axiall having a maximum capital contribution obligation of $225 million towards the cracker during the engineering, procurement and construction phases of the project. The amount of Axiall’s capital contribution relative to the total, actual cost of constructing the cracker would determine the amount of ownership Axiall holds in the cracker.