Westlake Chemical Corporation WLK recently announced that one of its subsidiaries is set to take over the parent company of Dimex LLC, based in Marietta, OH, from Grey Mountain Partners, a private equity firm.Dimex produces a wide range of consumer products made from post-industrial-recycled (PIR) polyvinyl chloride (PVC), polyethylene (PE) and thermoplastic elastomer (TPE) materials. It has annualized sales of roughly $100 million. Over the last four years, it secured 29 U.S. patents for its productsWestlake is optimistic about the buyout and noted that the acquisition harps on its commitment toward taking actions in order to contribute to a sustainable and circular economy. Dimex is a reputed processor of recycled plastic materials processing in the United States. It uses its compounds for its own products and Westlake believes that this makes it better positioned to be more client-centric and provide the required engineering, manufacturing and distribution capabilities.The transaction is subject to customary closing conditions, including the expiration/termination of the applicable waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976, and is expected to close during the second half of 2021.Westlake's shares have risen 34% in the past year, slightly underperforming the industry’s 34.5% growth. The estimated earnings growth rate for the company for the current year is pegged at 431.9%. Image Source: Zacks Investment ResearchIn the second quarter, the company recorded earnings of $4.04 per share, which increased from 11 cents in the year-ago quarter and also beat the Zacks Consensus Estimate of $3.80 per share. It raked in net sales of $2,859 million, which jumped 67.3% year over year and topped the Zacks Consensus Estimate of $2,467.2 million.The company noted that it is keen to continue with its business investments going forward. It expects that the recently announced acquisitions of Boral North America and LASCO Fittings, totaling approximately $2.4 billion, will initiate a stage of development and growth for the company. The LASCO buyout is also expected to add to Westlake subsidiary, NAPCO’s product portfolio with a focus on new markets and products. The company is optimistic about strengthening the housing, repair and remodeling markets by leveraging the growth opportunities arising from the acquisitions.Westlake Chemical Corporation Price and Consensus Westlake Chemical Corporation price-consensus-chart | Westlake Chemical Corporation QuoteZacks Rank & Other Stocks to ConsiderCurrently, Westlake sports a Zacks Rank #1 (Strong Buy).Other top-ranked stocks in the basic materials space are Avient Corporation AVNT, Orion Engineered Carbons S.A OEC and LyondellBasell Industries N.V. LYB, each flaunting a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.Avient has a projected earnings growth rate of 64.2% for the current year. The company’s shares have jumped nearly 79.8% in a year.Orion has a projected earnings growth rate of 79.8% for the current year. The company’s shares have jumped 41.7% over the past year.LyondellBasell has a projected earnings growth rate of 222.6% for the current year. The company’s shares have grown 41.7% over the past year. Time to Invest in Legal Marijuana If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027. After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%. You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.Today, Download Marijuana Moneymakers FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Westlake Chemical Corporation (WLK): Free Stock Analysis Report LyondellBasell Industries N.V. (LYB): Free Stock Analysis Report Orion Engineered Carbons S.A (OEC): Free Stock Analysis Report Avient Corporation (AVNT): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research