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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Olin Corp | NYSE:OLN | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.32 | 2.41% | 56.00 | 56.31 | 55.02 | 55.14 | 930,627 | 01:00:00 |
CLAYTON, Mo., March 21, 2016 /PRNewswire/ -- Olin Corporation (NYSE: OLN) ("Olin") announced today that its first quarter 2016 results will contain approximately $95 million of pretax restructuring charges. These charges are associated with its plans to close a combined total of 433,000 tons of chlor alkali capacity across three separate Olin locations. Approximately 80 percent of these restructuring charges represent non-cash asset impairment charges. The cash component of these charges includes employee related costs and contract terminations associated with the Henderson, Nevada facility.
Olin will close its chlor alkali plant in Henderson, Nevada and reconfigure the facility to manufacture bleach and distribute caustic soda and hydrochloric acid. This action will reduce its chlor alkali manufacturing capacity by 153,000 tons. The Henderson workforce will be reduced by approximately 100 positions. The manufacturing of chlor alkali at the location will cease on March 31, 2016. Olin remains committed to maintaining and growing its position as the leading North American supplier of industrial bleach.
The capacity of the Niagara Falls, New York chlor alkali plant was reduced from 300,000 tons to 240,000 tons earlier this year. This plant continues to produce industrial bleach and on-purpose hydrochloric acid, in addition to chlor alkali.
The chlor alkali capacity at the Freeport, Texas facility will be reduced by 220,000 tons. The Freeport site operates both diaphragm and membrane cell technologies. The 220,000-ton reduction will be entirely from diaphragm cell capacity. Following the capacity reduction in Freeport, the site will have 1,450,000 tons of membrane cell capacity and 1,580,000 tons of diaphragm cell capacity. The capacity reduction will be effective March 31, 2016.
COMPANY DESCRIPTION
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.
Visit www.olin.com for more information on Olin.
FORWARD-LOOKING STATEMENTS
This communication includes forward-looking statements. These statements relate to analyses and other information that are based on management's beliefs, certain assumptions made by management, forecasts of future results, and current expectations, estimates and projections about the markets and economy in which we and our various segments operate. These statements may include statements regarding the recent acquisition of the Acquired Business from TDCC, the expected benefits and synergies of the transaction, and future opportunities for the combined company following the transaction. The statements contained in this communication that are not statements of historical fact may include forward-looking statements that involve a number of risks and uncertainties.
We have used the words "anticipate," "intend," "may," "expect," "believe," "should," "plan," "project," "estimate," "forecast," "optimistic," and variations of such words and similar expressions in this communication to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict and many of which are beyond our control. Therefore, actual outcomes and results may differ materially from those matters expressed or implied in such forward-looking statements. We undertake no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise. Relative to the dividend, the payment of cash dividends is subject to the discretion of our board of directors and will be determined in light of then-current conditions, including our earnings, our operations, our financial conditions, our capital requirements and other factors deemed relevant by our board of directors. In the future, our board of directors may change our dividend policy, including the frequency or amount of any dividend, in light of then-existing conditions.
The risks, uncertainties and assumptions involved in our forward-looking statements, many of which are discussed in more detail in our filings with the SEC, including without limitation the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2015, include, but are not limited to, the following:
All of our forward-looking statements should be considered in light of these factors. In addition, other risks and uncertainties not presently known to us or that we consider immaterial could affect the accuracy of our forward-looking statements.
2016-06
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/olin-announces-chlor-alkali-capacity-reductions-300238391.html
SOURCE Olin Corporation
Copyright 2016 PR Newswire
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