Olin Continues to Downsize Asset Footprint
Epichlorohydrin Feedstock . . .
Olin Announces Chlor Alkali Capacity Reduction
News provided by Olin Corporation
Mar 16, 2021, 08:45 ET
CLAYTON, Mo., March 16, 2021 /PRNewswire/ — Olin Corporation (NYSE: OLN) announced today that it plans to permanently shut down approximately 50% of its diaphragm-grade chlor alkali capacity (approximately 200,000 tons) at its McIntosh, Alabama facility. The closure is expected to be completed by March 31, 2021. This action is expected to be cash flow accretive. Olin’s first quarter 2021 results are forecast to include approximately $5 million of restructuring charges associated with this plan.
“This is yet another step in Olin’s efforts to right-size our asset base and achieve reinvestment economics across our complete Electrochemical Unit portfolio,” remarked Scott Sutton, Olin President and Chief Executive Officer. “Shareholders can expect Olin to continue to take high-capital, non-accretive assets off our balance sheet as existing contractual supply obligations end, focusing our Olin teammates and resources toward unleashing Olin’s true value potential.”
Olin Corporation is a leading vertically-integrated global manufacturer and distributor of chemical products and a leading U.S. manufacturer of ammunition. The chemical products produced include chlorine and caustic soda, vinyls, epoxies, chlorinated organics, bleach, and hydrochloric acid. Winchester’s principal manufacturing facilities produce and distribute sporting ammunition, law enforcement ammunition, reloading components, small caliber military ammunition and components, and industrial cartridges.
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