Early Life and Founding
Albert Chao, along with his family, played a pivotal role in the founding and growth of Westlake Corporation. The company was established in 1986 by his father, Ting Tsung Chao, who had a vision for the North American chemical market. The initial focus was on supplying essential petrochemicals, particularly ethylene and vinyl chloride monomer (VCM).
Rise to Success
Westlake's success is built on a strategy of consistent growth through acquisitions, expansion of existing facilities, and new construction. The Chao family has maintained substantial control and ownership since the company's inception. Albert Chao served as CEO of Westlake Corporation for many years and now serves as Executive Chairman. In 2024, Westlake's net sales were $12.1 billion.
Key Business Strategies
Westlake operates in two main segments: Performance and Essential Materials, and Housing and Infrastructure Products. The company's products are used in various consumer and industrial markets, including residential construction, packaging, and healthcare. Westlake has expanded through acquisitions, such as the acquisition of Axiall Corporation in 2016 and Boral North America in 2021.
Philanthropy
While specific philanthropic initiatives and amounts related to Albert Chao were not found in the search results, the Chao family has been recognized for their contributions to the Houston community.