Welcome to our dedicated page for Olin news (Ticker: OLN), a resource for investors and traders seeking the latest updates and insights on Olin stock.
Olin Corporation reports developments across chemical manufacturing and ammunition businesses. The company operates Chlor Alkali Products and Vinyls, Epoxy, and Winchester segments, with products including chlorine, caustic soda, ethylene dichloride, vinyl chloride monomer, epoxy resins, and Winchester sporting ammunition and accessories.
Recurring Olin news includes quarterly results, adjusted EBITDA and sales commentary, segment demand trends, planned maintenance and operating reliability, structural cost actions, litigation charges, and commercial agreements tied to its vinyls portfolio. Updates also cover Winchester commercial and defense demand, raw-material and commodity cost pressures, and regulatory or environmental risk topics common to chemical manufacturing.
Olin Corporation (NYSE: OLN) announced the early tender results of its cash offer for 9.500% Senior Notes due 2025. As of November 15, 2021, $391.37 million of the Notes (78.27% of outstanding) were tendered. Consequently, the company increased the Maximum Purchase Amount to $489.70 million. Eligible holders will receive $1,251.25 per $1,000 principal amount, including an early tender premium of $30. The settlement date is expected on November 17, 2021. The Offer expires on November 30, 2021, unless extended.
Olin Corporation (NYSE: OLN) announced the retirement of Pat D. Dawson, Executive Vice President and President, Epoxy and International, effective April 30, 2022. Damian Gumpel, currently VP and President of Chlor Alkali Products, will succeed him on November 29, 2021. Olin also appointed Patrick M. Schumacher as VP and President of Chlor Alkali Products and Dana C. O'Brien as Senior VP and General Counsel, both effective November 29, 2021. The leadership changes aim to enhance strategic operations and corporate strategy amid evolving market conditions.
Olin Corporation announced a cash tender offer to purchase up to $350 million of its outstanding 9.500% Senior Notes due 2025. This offer includes a solicitation of consents for proposed amendments that would eliminate restrictive covenants in the indenture for the Notes. The offer will expire on November 30, 2021, with an early tender deadline on November 15, 2021. Validly tendered Notes will be accepted on a pro rata basis if the total exceeds the maximum purchase amount. Payments will include accrued interest.
Olin Corporation (NYSE: OLN) has announced a new $1.0 billion share repurchase program, aimed at enhancing shareholder value. This program allows for periodic repurchases of common stock at management's discretion, considering market conditions and other business factors. As of September 30, 2021, Olin still had $236 million authorized under its previous buyback program. CEO Scott Sutton expressed confidence in the company's future earnings, indicating a robust financial position to support this initiative.
On October 28, 2021, Olin Corporation's (NYSE: OLN) Board of Directors declared a $0.20 quarterly dividend, set to be paid on December 10, 2021, to shareholders of record by November 10, 2021. This announcement signifies the company's 380th consecutive quarterly dividend, reflecting consistent financial performance and shareholder value.
Olin Corporation (NYSE: OLN) reported a strong third quarter for 2021, with net income of $390.7 million ($2.38 per diluted share), an improvement from a net loss of $736.8 million in Q3 2020. Adjusted EBITDA rose to $707 million from $195.5 million year-over-year. Sales increased to $2.34 billion, up from $1.44 billion in Q3 2020. Segment performances were robust, particularly in Chlor Alkali Products and Vinyls, which saw earnings of $263 million, and Epoxy, with earnings of $215 million. Olin reduced debt by $851 million and repurchased 1.5 million shares during this quarter.
Olin Corporation (NYSE: OLN) plans to permanently close its remaining diaphragm-grade chlor alkali capacity, totaling approximately 200,000 ECU tons, at the McIntosh, Alabama facility by the end of Q3 2022. This follows a previous shutdown of 200,000 ECU tons earlier in 2021, leading to a total reduction of around 855,000 ECU tons since early 2021. CEO Scott Sutton stated this move aims to enhance ECU values to a more sustainable level.
On September 30, 2021, Olin Corporation (NYSE: OLN) announced the election of Matthew S. Darnall and W. Anthony Will as new directors to its Board. Darnall, former Managing Director at Goldman Sachs, will be on the Audit and Corporate Governance Committees, bringing valuable experience in mergers and acquisitions. Will, CEO of CF Industries, will serve on the Compensation and Corporate Governance Committees, adding expertise in corporate development and risk management. The announcement follows the resignations of non-executive directors John M. B. O'Connor, Gray G. Benoist, and W. Barnes Hauptfuhrer, effective immediately.
Olin Corporation (NYSE: OLN) will discuss its Q3 2021 financial results on October 22, 2021, at 9:00 a.m. ET. A press release containing detailed financial statements will be available after market close on October 21, 2021. Interested parties can join the conference call at (877) 883-0383 or via a live webcast on Olin's website. The call will also be available for replay for a limited time. Olin is a leading manufacturer of chemical products and ammunition, producing essential chemicals like chlorine, caustic soda, and vinyls, along with various types of ammunition.
Olin Corporation (NYSE: OLN) reported a net income of $355.8 million for Q2 2021, a significant turnaround from a net loss of $120.1 million in Q2 2020. Adjusted EBITDA reached a record $559.2 million, compared to $71.5 million in the prior year. Sales surged to $2.2 billion, driven by improved pricing and volumes across its segments. The Chlor Alkali Products and Vinyls segment saw earnings of $168.9 million, while Epoxy and Winchester also achieved record earnings. Olin plans to reduce debt by $1 billion and declared a quarterly dividend of $0.20.