Epoxy
June 9, 2025
Gougeon Brothers Acquired as Platform
Iron Path Capital Announces Partnership with Gougeon Brothers, Inc. as First Investment in Advanced Materials Platform
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Private equity firm to continue building the legacy of family-owned premier epoxy resin formulator and manufacturer
CHARLOTTESVILLE, Va.–(BUSINESS WIRE)–Iron Path Capital, a private equity firm focused on healthcare and specialty industrials, today announced a growth partnership with Gougeon Brothers, Inc., a leading epoxy manufacturer in the composites and marine end markets.
“Gougeon has a long and storied history as a pioneer and innovator in advanced composite epoxy resin systems for both repair and use in original equipment composite parts manufacturing.”Share
“We are delighted to partner with the Gougeon management team to develop and grow their market-leading WEST SYSTEM®, PRO-SET®, and Entropy Resins® epoxy resin systems for making and repairing composite structures,” said Ted Clark, Partner at Iron Path Capital. “Gougeon has a long and storied history as a pioneer and innovator in advanced composite epoxy resin systems for both repair and use in original equipment composite parts manufacturing. We will continue to build the business through organic and inorganic opportunities in the fast-growing composite materials market.”
Family-owned since 1969, Gougeon formulates and manufactures epoxy systems for various applications in the marine, recreational, automotive, aerospace, and industrial composites markets. Gougeon is committed to customer service and technical support in ensuring customers’ effective use of its products in repair and original equipment composite structures. Its in-house chemists develop tailored solutions for each application, ensuring quality and performance through their superior strength and excellent handling characteristics.
The Company’s history is rooted in boat building with the Gougeon brothers pioneering the use of epoxy resin systems in boat construction. In addition to formulating and manufacturing their products, Gougeon is a long-time thought leader in the space and is known for its instructional magazine and online forum (Epoxyworks®), book (The Gougeon Brothers on Boat Construction), and seminars and training sessions including the popular “Glue U” seminar for boat repair.
“The Gougeon Family and the employees of Gougeon Brothers Inc. are thrilled to partner with the team at Iron Path Capital,” said Gougeon CEO Alan Gurski*. “We chose Iron Path as they share our entrepreneurial spirit, and our commitment to each other, our community, our customers, and to manufacturing the finest products for our markets. We look forward to being a part of the next evolution of GBI.”
Ted Clark will serve as Executive Chairman of Gougeon as part of the new advanced materials platform. Clark is an experienced operator in formulated coatings, adhesives and sealants as well as in composites. He previously led Royal Adhesives & Sealants as President and CEO from 2003-2017, which was acquired by H.B. Fuller. Post-acquisition, Clark served as Senior Vice President, Royal Adhesives, then as Executive Vice President and COO of H.B. Fuller before joining Iron Path Capital as a Partner in 2022. Earlier in his career, Mr. Clark also served as President and CEO of PRC-DeSoto International, a producer of coatings and sealants for aircraft.
This marks the fifth platform in Iron Path’s main strategy. Deriving from the Italian term “via ferrata,” a fortified route along a challenging Alps climb, Iron Path provides a differentiated private equity experience for founders and management teams, focusing on what drives the greatest impact while building on the company’s culture and values to scale swiftly and deliberately, one secure step at a time. From day one, Iron Path Capital works hand-in-hand with management teams to add value through its unique blend of Wall Street capability and Main Street authenticity.
Learn more at Gougeon Brothers, Inc. and Iron Path Capital.
About Gougeon Holding Company
Founded in 1969, Gougeon is a leading formulator, manufacturer and marketer of high-quality two-part epoxy systems and ancillary products. The Company’s products include a wide range of epoxy resins, hardeners, fillers, and supplies for the composites, marine, automotive, aerospace, sporting goods, arts and crafts, and other end markets around the world. The Company manufactures WEST SYSTEM® Epoxy, PRO-SET® Epoxy, and Entropy Resins®, distributes PRO-VAC Vacuum Bag Consumables and publishes Epoxyworks® magazine. Gougeon is ISO 9001:2015 registered with primary operations in Bay City, MI. Learn more at Gougeon.com
About Iron Path Capital
Iron Path Capital is an operationally focused private equity firm making lower-middle-market investments across the healthcare and specialty industrial sectors. With offices in Nashville, TN and Charlottesville, VA, Iron Path Capital supports its partners with capital, operating expertise, business development, and industry relationships to achieve significant scale. Iron Path Capital focuses on growing companies with stable cash flows, superior management teams, defensible, scalable business models and multiple vectors for growth, both organic and through consolidation. Learn more at ironpathcapital.com
*Mr. Gurski is not a current client of Iron Path Capital, L.P., or an investor in any of its funds and was not provided with compensation for this statement. We are not aware of any material conflicts of interest with him providing this statement resulting from his and Iron Path’s relationship.
June 4, 2025
Aditya Birla Acquisition
Cargill
MILWAUKEE (June 4, 2025) Aditya Birla Group, a leading Indian multinational, has agreed to purchase Cargill’s Dalton, Georgia-based specialty chemicals business. Aditya Birla Group intends to expand the Dalton, Georgia facility’s capacity over the next two years, and will continue to manufacture the business’ current output of formulated resins, curing agents, reactive diluents and polyaspartic resins.
Grace Matthews, Inc. advised Cargill on this transaction.
ABOUT CARGILL, INC.
Cargill is committed to providing food, ingredients, agricultural solutions, and industrial products to nourish the world in a safe, responsible, and sustainable way. Sitting at the heart of the supply chain, we partner with farmers and customers to source, make and deliver products that are vital for living.
Our approximately 160,000 employees innovate with purpose, providing customers with life’s essentials so businesses can grow, communities prosper, and consumers live well. With 160 years of experience as a family company, we look ahead while remaining true to our values. We put people first. We reach higher. We do the right thing—today and for generations to come. For more information, visit www.cargill.com.
ABOUT ADITYA BIRLA GROUP
The Aditya Birla Group is a US$ 66 billion global conglomerate in the League of the Fortune 500. Anchored by an extraordinary force of over 140,000 employees belonging to 100 nationalities, the Group is built on a strong foundation of stakeholder value creation. With its presence across 6 continents and 36 countries, the Aditya Birla Group holds 130 state-of-the-art manufacturing units globally.
Today, over 50% of Group revenues flow from overseas operations that span 36 countries in North and South America, Africa and Asia. For more information, visit www.adityabirla.com.
ABOUT GRACE MATTHEWS
Grace Matthews, Inc., a Milwaukee-based investment bank, provides merger, acquisition, and corporate finance advisory services to private and public companies across the chemical and material science value chain. Over the past 25 years, Grace Matthews has successfully completed over 150 transactions on behalf of private, middle-market companies, private equity firms, and large multi-national corporations. For more detailed information on Grace Matthews, visit www.gracematthews.com.
May 6, 2025
Epoxy Highlights from Olin Earnings Call
Olin Corporation (OLN) Q1 2025 Earnings Call Transcript
May 02, 2025 3:30 PM ETOlin Corporation (OLN) StockOLN
Q1: 2025-05-01 Earnings Summary
EPS of $0.03 beats by $0.13
| Revenue of $1.64B (0.54% Y/Y) beats by $68.64M
Call Start: 09:00 January 1, 0000 9:52 AM ET
Olin Corporation (NYSE:OLN)
Q1 2025 Earnings Conference Call
May 2, 2025, 09:00 AM ET
Company Participants
Steve Keenan – Director of IR
Ken Lane – President and CEO
Todd Slater – CFO
Ken Lane
Thanks, Steve, and thank you to everyone joining our call today. Let’s start with a few first quarter highlights on Slide 3.
Looking across the global macro environment, economic uncertainty continues to dominate the narrative. Against this backdrop, everyone here at Olin continues to focus on the path we laid out during our Investor Day, while closely managing the factors within our control and advancing our value creation strategy. As a result, we’re increasing our cost reduction target to $50 million to $70 million related to productivity and structural cost improvements for full year 2025.
During the first quarter, our Chlor Alkali products and Vinyls business exceeded expectations as several planned and unplanned industry outages reduced first quarter chlorine and caustic soda supply.
In response, we delayed the planned first quarter outage at our Chlor Alkali facility in Freeport, Texas, to meet customer needs and we’re pleased to help many customers during the tight market conditions. This is in line with our value-first commercial approach and as we’ve consistently said, Olin is ready to raise operating rates to meet demand at fair values. We view this as a positive true point for our Chlor Alkali loaded spring that will be more apparent as we emerge from this extended trough environment.
During the first quarter, we also saw stable ECU values continue with positive pricing trends into the second quarter. In our Winchester division, domestic and international military ammunition volume continues to grow while commercial sales continue to be weak as retailers destock, coupled with lower consumer sales.
Also during the first quarter, Olin took advantage of historically narrow spreads and successfully refinanced our nearest debt tranche through a bond issue and bank refinancing. This pushed our nearest debt tower out to 2029 and positions us very well to weather the uncertain environment we see today. As we manage through this challenging economic environment, we’re taking important steps to advance our strategy and strengthen our business.
Slide 4 reviews several of our recent actions. Our optimize and grow the core strategy introduced during our December Investor Day outlines our path forward and we took several steps to advance that strategy in the first quarter, continuing our commitment to a value-first commercial approach, accelerating structural cost reductions and maintaining our disciplined capital allocation framework, all while not losing focus on the high-value growth opportunities laid out in December.
As an example, we made solid progress to implement our Winchester growth strategy. I’m pleased to report that Winchester has been awarded a three-year contract extension to continue operating the Lake City GOCO2 Ammunition facility through 2030. Additionally, we closed the acquisition of AMMO Inc.’s Ammunition assets.
We’ve also been focused on enhancing our organizational accountability. We’ve aligned each employee’s incentives with our corporate goals and strengthened our equity plans to increase engagement and retention. Also, we consolidated our chemicals commercial talent to our Houston office to facilitate greater cross collaboration and teamwork. And finally, we established Clayton, Missouri as our Winchester headquarters.
Now let’s turn to Slide 5 to review our Chlor Alkali Products and Vinyls results. First quarter CAPV EBITDA was up slightly with increased chlorine and caustic volumes as we continue to focus on value and push for price gains on each side of the ECU. We expect caustic to remain the stronger side of the ECU and see positive pricing trends going into the second quarter.
As mentioned earlier, we delayed the start of our planned Freeport, Texas turnaround to opportunistically capture spot demand created by planned and unplanned industry outages. During the first quarter, we reengaged with several chlorine customers seeking interim supply. The turnaround delay is reflected in our updated expense data on Slide 17. This delay will result in $33 million higher sequential turnaround expense. Despite this headwind, we still expect to deliver sequentially similar Chlor Alkali adjusted EBITDA in the second quarter.
As we continue to navigate this unusually long trough, Olin’s ECU values and volumes have proven remarkably resilient across the past six quarters as we implement our disciplined value-first commercial approach.
PVC was another highlight in the quarter as we delivered our first shipments of Olin PVC during March, marking a key milestone for our PVC business development. In addition to our entry into the PVC market, we’re adding value to every ton of EDC we toll with ChemOne. As we discussed at our December Investor Day, we’re exploring potential long-term PVC strategic opportunities, including long-term commercial arrangements, available production technologies, and the evaluation of joint venture partners.
With respect to current tariffs, we do not expect the direct impact on CAPV to be significant. Olin’s export sales, mainly caustic soda and EDC, are generally sold to low tariff countries. One potential positive effect may be to tighten U.S. caustic supply as tariffs challenge the economics of Asian imports to the U.S. West Coast and European imports to the U.S. East Coast.
Now let’s turn to Slide 6 for a brief look at our Epoxy results. First quarter Epoxy sales improved sequentially, reflecting an increase in both resin prices and volumes. However, the margin benefits of improved pricing were more than offset by higher costs. Last month, the U.S. Commerce Department issued their final Epoxy antidumping decision. Olin was encouraged that the antidumping duty percentages for selected countries were raised beyond the preliminary determination. However, we remain concerned that the Commerce Department lowered the duty percentages for certain countries, in particular South Korea.
The European Union announced their provisional Epoxy resin antidumping duties during the first quarter and expects to conclude the investigation by issuing definitive measures during the third quarter 2025. Today, South Korea, the largest importer of Epoxy resins to the European Union, unfortunately remains exempt. Bulk Epoxy resins subject to antidumping duties represent less than 25% of our overall Epoxy division sales. Current antidumping duties provide minimal upside value. We will continue to advocate for fair trade practices here and in Europe, pursuing every available avenue.
Looking ahead, building and construction, automotive and consumer electronics demand remain weak in the U.S. and Europe. We are seeing mild seasonal demand improvement, but nothing we would consider as demand recovery. Second quarter Epoxy results will include a planned Stade, Germany, turnaround estimated to present a $10 million sequential headwind. As a result, Epoxy earnings are expected to remain negative.
Steve Byrne
Ken, I’d like to follow up on two things you said. You referred to the capacity overhang in Epoxy and you have this turnaround in Stade coming up. But is that a business that just warrants more shuttered capacity for you to drive a recovery? And the other comment you made was you referred to Winchester as an iconic brand. Could you take an approach to pushing price by calling it a surcharge or something to lead the higher pricing in Winchester in ammunition at the commercial level?
Ken Lane
Good morning, Steve. First, I’ll take your question on Epoxy. Epoxy, there is a significant amount of overhang, particularly in Asia that has been built over the last several years and frankly, that’s continuing even this year. We have already reduced a significant amount of capacity and the capacity that we have remaining we think is the most competitive, at least, in the Western world. So there’s not really room for us to take more capacity out. And then recall what we said at Investor Day is the reason that we’ve got Epoxy in the portfolio is it generates very good value based on the integration.
The other thing that I want to remind everybody about is, when you think about Europe, we do have some tailwinds that are going to be coming. We’ll start to see the impact in the first quarter from this — the new cost structure that we’re going to have in place in Europe with the new agreements that are going to begin at the end of the year, but we won’t see the impact of that until the beginning of Q1. So between the integration value and some of the changes that we’ve got in the commercial agreements in Europe, we will start to see some improvement in the Epoxy business. Most likely it’s going to be in the first quarter, but it should be a meaningful improvement.
Frank Mitsch
Thank you. Good morning. Ken, I want to follow-up on Epoxy. It seems like unfortunately the South Korean lobbyists are very effective at their job. So we’re not going to get the sort of benefits on antidumping. And you mentioned earlier that you have new agreements in place in Europe, but that should start kicking in in the first quarter of ’26. So are we looking at a lost year here in Epoxy? I mean, what needs to happen in order to get Epoxy back into the black in 2025?
Ken Lane
Good morning, Frank. I would not call it a lost year, but I do think that you’re going to see Epoxy continue to struggle in 2025. We’ve got some tailwinds related to some of the antidumping duties. On some of the countries that we’ve seen, we have seen some positive impact. Pricing has improved. We’ve seen some improvement in volume, where we’ve had customers that were not buying from us that have come back to us. So we’ve seen those improvements already flow through in the P&L.
We did have some cost headwinds in the first quarter related to some unplanned outages and just some other things that were not related to the market. But I do think that this year is going to continue to be a struggle for the Epoxy business. However, I think by the time we get to the end of the year to the beginning of next year, we will start to see a positive result coming out of Epoxy. But don’t forget, the integration value there is still in the mid to high double-digit millions that it creates for us being integrated with our Chlor Alkali assets. So it still is very positive for us to have that in the portfolio, and we’re going to continue to manage our product portfolio more towards higher value formulated solutions. And we’re already seeing growth in that business for us to this year as well. So a lot of good things that we’re doing that are within our control, but it is a challenging environment for sure.
Jeff Zekauskas
Thanks very much. I think Dow wants to sell various assets in Europe. Would you be interested in looking at any of those at the appropriate value? Do their plans perhaps make it more difficult for you in your European operations, or do they not really touch you? And then secondly, can you talk a little bit about the wind turbine market in Epoxies? How important is that for you? And what are the current demand trends?
Ken Lane
Good morning, Jeff. So listen, I think just in terms of the Dow assets or M&A in general, we’re not going to comment on anything in particular. What I’ll do is just go back to what we said at our Investor Day and the areas that we’re going to look to grow and invest in are predominantly going to be in the areas of water treatment. So you think about our bleach business, we’ve talked about the PVC business and those are the areas that really we’re going to focus on. So the good thing that we see related to Europe for us is that we do have the new cost structure that’s going to be coming through with the new agreement that we’ve got in place that’s going to start to show up in Q1, that’s really meaningful for our Epoxy business. So that’s one touch point that we’ve got with Dow that is going to be very positive for us.
With respect to the wind business, that’s an important business for us. We’re a leader in the wind business for Epoxy. We are seeing — we’re still seeing growth year-over-year. So we’re going to see this year probably somewhere low double-digit growth versus prior year. And it fits very well with what we said around our growing in the formulated solutions area. We’re a leader there. We’re going to see growth there this year and that’s part of what’s going to help our earnings continue to improve as we go through 2025.
February 5, 2025
Olin Epoxy Highlights from Investors Call
Olin Corporation (OLN) Q4 2024 Earnings Call Transcript
Jan. 31, 2025 4:29 PM ETOlin Corporation (OLN) Stock
Q4: 2025-01-30 Earnings Summary
EPS of $0.18 beats by $0.21 | Revenue of $1.67B (3.51% Y/Y) beats by $125.91M
Olin Corporation (NYSE:OLN) Q4 2024 Earnings Conference Call January 31, 2025 9:00 AM ET
Company Participants
Steve Keenan – Director of IR
Ken Lane – President and CEO
Todd Slater – CFO
Ken Lane
Thanks, Steve, and thank you all for joining us today. Starting with Slide 3, I hope everyone was able to participate in our December Investor Day, whether in person or virtually. We laid out our Value Creation Strategy that optimizes our core businesses by maintaining our focus on a value-first commercial approach and streamlining our assets to achieve greater than $250 million in cost reductions by 2028. We expect to achieve $20 million to $30 million of these savings in 2025. We also explained how we will grow our core by focusing on adjacent high-return options, all while being disciplined with our capital allocation framework. Olin has a great legacy, a leading set of businesses and assets, and a bright future.
During our Investor Day, we guided the fourth quarter adjusted EBITDA at the low end of our range. However, as we closed the quarter, the downward pressure on our share price created an unexpected benefit to adjusted EBITDA and Hurricane Beryl costs came in lower than we expected. In Epoxy, seasonally lower demand was a headwind during the fourth quarter. However, this was partially offset by continued price improvement. In Winchester, domestic and international military demand remains strong. However, near-term commercial headwinds persist as commercial retailers continue to trim inventories, and consumer disposable income remains challenged.
Now let’s take a closer look at our Chlor Alkali Products and Vinyls results on Slide 4. CAPV sales were up 9% sequentially on higher volume in the absence of Hurricane Beryl and improved pricing. Our CAPV results also benefited as final Hurricane Beryl spending came in approximately $8 million below expectation during the quarter. Although we are in the midst of a prolonged industry trough, Olin continues to realize higher value than experienced previously. We continue to be disciplined with our operating rates as we navigate this challenging environment. Global caustic soda remains tight as European variable costs rise, Asian demand shows improvement, and we are coming up on the turnaround season.
Combined with seasonally lower merchant chlorine demand, we expect tightness to continue through the first quarter. At Investor Day, we announced our intention to enter the US PVC market via a tolling partnership. This has key strategic benefits, including upgrading a portion of our significant EDC capacity and unlocking incremental caustic soda volume. Longer-term, this will facilitate our strategic assessment of the PVC market and how we will deploy our industry-leading cost position to create higher value. We have received initial shipments and will realize first sales in the first quarter. Our Gulf Coast plants recently weathered Winter Storm Enzo with no material interruptions. However, many of our customers were not as fortunate, which will present a slight headwind in the first quarter.
Moving to Slide 5, we’ll take a look at our fourth quarter and full year Epoxy results. Olin’s Epoxy sales were roughly flat sequentially with improved resin pricing offset by seasonally weaker demand in both the US and Europe seeing weaker demand from the building and construction, automotive, and consumer electronics markets. Notably, during the third and fourth quarters, our team successfully completed the planned turnaround at our Stade, Germany facility. It was completed safely on time and on budget. Fourth quarter Epoxy adjusted EBITDA increased by more than 50% sequentially, largely in the absence of Hurricane Beryl impacts. During the first quarter, we expect improving demand as limited restocking begins and we see some seasonal improvement in our formulated solutions business. US Hydrocarbon feedstock costs remained favorable versus rest of the world. However, Asian Epoxy producers facing higher feedstock and freight costs continue to increase the flow of unfairly subsidized Epoxy resin into the US and Europe. We expect both a final US and provisional EU anti-dumping decision during the first half of the year.
Jeff Zekauskas
Thanks very much. So, Ken, you’ve been CEO of Olin now for almost a year. When you look back on the year and you compare your actions or your leadership direction to Scott Sutton, have there been any changes? Or do you see your tenure over the past year as a continuation of what Scott did?
Ken Lane
Good morning, Jeff. Thanks for the question. Listen, we laid out our vision for the company at the Investor Day. And as we look forward, what we see is that our leading position in both our CAPV business, the Epoxy business, and the Winchester business, we’ve got a lot of opportunity to do things that are well within our control to optimize that. We talked about reducing our costs by $250 million. And a lot of that is related to us cleaning up the asset footprint that we’ve got to remove some of the assets and optimize some of the sites that we’ve got to make them more efficient and to reduce our fixed and variable costs at those sites. Those are things that we’re going to be able to control and deliver on, and I’m convinced that we will. And then you look at the business model that we operate. We’re going to continue to stay focused on being a leader in the industry. And what that means is that we’re going to continue to be disciplined. We’re going to continue to watch our operating rates and we’re going to be focused on value. We don’t see the need to get overly aggressive in terms of volume. I said it just a minute ago, we don’t think that where we are today, there are opportunities for reinvestment economics. We think that we’re far away from that. So we believe that as long as we continue to be disciplined, we can hold value relatively flat versus where we were last year. And as the market comes back, we have the coiled spring and we’ve got a lot of value ahead of us. And as we see the trough — as we come out of the trough, we’re very well-positioned to realize a tremendous amount of value as a company from that. So we’ve got a bright future just around optimizing our core. And then you think about some of the options that we described around growing the core. So we’re entering the PVC resin market here in the first quarter. That’s a way for us to begin to test and learn more about that market to be able to position the future of a very strong set of assets that we have to make Vinyls down at Freeport. And so that creates a great opportunity for us. We talked about building on our bleach position, and we talked about building on our Winchester position and leveraging off of our chemical expertise into some very attractive markets that we think have got strong growth and strong returns for the long term. So that’s our vision for the future is to stay focused on optimizing and growing, and I’m really excited about getting after that and continuing to deliver on that strategy.
Duffy Fischer
Hey, good morning, guys. Just a question around the potential change in trade flows from the tariffs and anti-dumpings around Epoxy. What have you seen so far? Obviously, some of your customers are calling out higher Epoxy prices already. But what do you think is going to happen if the ask that you guys have put forward happens, what do you think that will do to trade flows and what do you think that will do from incremental pricing from here forward?
Ken Lane
Good morning, Duffy. Great question. Listen, it’s a little bit different for Epoxy. Europe is a very large Epoxy market. So once the duties go up there, that’s going to be that’s going to be a good thing for the European market and our position in Europe. It’s not like some other markets that you may think about where there are other large sinks of volume. I do think that between Europe and the US, once you put duties there, it is going to drive prices higher in the short term. And when you look at the cost structure around Chinese producers, they were already dumping product and frankly not making money. The situation is getting worse there. So if their costs continue to rise, you may actually just see the production slow down or even or even shut down. I’m not predicting anything is going to happen for sure, but certainly, the economics are not favorable for them to continue to operate where they are and they’ve added a lot of capacity. So I don’t know that it’s as much about product just shifting around and flowing into different regions, because the largest consuming regions are really US and Europe. I think it’s going to be more about rationalization over the mid-term of capacity that’s not competitive. And you’ve already seen some of that in Asia. So, you saw some capacity announced being shut down just in the past couple of weeks. So that’s how the cycle works. The strong are going to survive and the weak aren’t. I think it’s going to be more that story than it is going to be just things are going to move to different regions in Epoxy.
https://seekingalpha.com/article/4753992-olin-corporation-oln-q4-2024-earnings-call-transcript
January 30, 2025
Olin Epoxy Comments
Olin Announces Fourth Quarter 2024 Results
Jan. 30, 2025 4:05 PM ETOlin Corporation (OLN)
Highlights
- Fourth quarter 2024 net income of $10.7 million, or $0.09 per diluted share
- Quarterly adjusted EBITDA of $193.4 million
CLAYTON, Mo., Jan. 30, 2025 /PRNewswire/ — Olin Corporation (OLN) announced financial results for the fourth quarter ended December 31, 2024. Fourth quarter 2024 reported net income was $10.7 million, or $0.09 per diluted share, which compares to fourth quarter 2023 reported net income of $52.9 million, or $0.43 per diluted share. Fourth quarter 2024 adjusted EBITDA of $193.4 million excludes depreciation and amortization expense of $129.2 million and restructuring charges of $10.3 million. Fourth quarter 2023 adjusted EBITDA was $210.1 million. Sales in the fourth quarter 2024 were $1,671.3 million, compared to $1,614.6 million in the fourth quarter 2023. Full year 2024 reported net income was $108.6 million, or $0.91 per diluted share, which compares to full year 2023 reported net income of $460.2 million, or $3.57 per diluted share.
Ken Lane, President, and Chief Executive Officer, said, “While we expect challenging industry conditions to continue into 2025, we will stay focused on optimizing our core businesses through our value-first commercial approach as well as controlling our costs as we described during our Investor Day in December. We remain confident in our ability to generate higher trough-level earnings and cash flow despite the difficult environment.”
Lane continued, “We expect first quarter 2025 results from our Chemicals businesses to be lower than fourth quarter 2024 as our disciplined market participation continues. Our Chlor Alkali business expects sequentially lower chlorine and caustic soda volumes and continued pricing pressure on ethylene dichloride (EDC). As we announced at our Investor Day in December, Olin will enter the domestic polyvinyl chloride (PVC) resin market in the first quarter 2025 through our EDC tolling agreement. This pilot initiative expands our chlorine optionality, upgrades the value of Olin EDC and will guide our PVC resin go-to-market strategy in the coming years.
“Global epoxy demand remains weak, and our U.S. and European Epoxy business remains significantly challenged by subsidized Asian competition. Our Epoxy business focus remains on maximizing the chlor alkali integration value, continuing to reduce our costs and growing our formulated solutions business.
EPOXY
Epoxy sales for the fourth quarter 2024 were $282.2 million, compared to $313.1 million in the fourth quarter 2023. The decrease in sales was primarily due to lower volumes and pricing. Fourth quarter 2024 segment loss was ($27.4) million, compared to segment loss of ($23.1) million in the fourth quarter 2023. The $4.3 million decrease in segment results was primarily due to lower volumes and pricing, partially offset by lower raw material and operating costs. Epoxy fourth quarter 2024 results included depreciation and amortization expense of $13.1 million compared to $13.0 million in the fourth quarter 2023.
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