CLAYTON, Mo., July 1, 2021 /PRNewswire/ -- Olin
Corporation (NYSE: OLN) announced today it has entered into an
agreement with ASHTA Chemicals, Inc. to purchase and sell the
chlorine produced at ASHTA's Ashtabula,
OH facility. Existing contracts will be honored for
chlorine customers of both companies.
"This agreement provides the opportunity to optimize logistics
across the Olin and ASHTA portfolio, reducing the number of miles
chlorine travels to get to customers and overall transportation
costs while increasing the security and flexibility of supply
within the growing Olin network. Olin has unmatched expertise in
the safe and efficient delivery of chlorine," said Damian Gumpel, Vice President and President,
Chlor Alkali Products & Vinyls.
"We are excited to work with Olin as this agreement allows each
company to focus on its strengths, which for ASHTA is the
production of potassium hydroxide (KOH) for our growing customer
base," said Brad Westfall, President
and CEO of ASHTA.
ASHTA Chemicals, Inc. is a leading manufacturer of potassium
hydroxide (KOH) with headquarters and production facilities in
Ashtabula, Ohio.
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. 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," "outlook," "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. 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, 2020 and our Quarterly Report on
Form 10-Q for the quarter ended March 31,
2021, include, but are not limited to, the following:
Business, Industry and Operational Risks
- sensitivity to economic, business and market conditions
in the United States and overseas, including economic
instability or a downturn in the sectors served by us;
- declines in average selling prices in the chlor alkali industry
and the supply/demand balance for our products, including the
impact of excess industry capacity or an imbalance in demand for
our chlor alkali products;
- unsuccessful implementation of our operating model, which
prioritizes Electrochemical Unit (ECU) margins over sales
volumes;
- our reliance on a limited number of suppliers for specified
feedstock and services and our reliance on third-party
transportation;
- failure to control costs or to achieve targeted cost
reductions;
- higher-than-expected raw material, energy, transportation,
and/or logistics costs;
- the occurrence of unexpected manufacturing interruptions and
outages, including those occurring as a result of labor disruptions
and production hazards;
- the failure or an interruption of our information technology
systems;
- our substantial amount of indebtedness and significant debt
service obligations;
- the negative impact from the COVID-19 pandemic and the global
response to the pandemic;
- weak industry conditions affecting our ability to comply with
the financial maintenance covenants in our senior secured credit
facility;
- the loss of a substantial customer for either chlorine or
caustic soda could cause an imbalance in customer demand for these
products;
- failure to attract, retain and motivate key employees;
- risks associated with our international sales and operations,
including economic, political or regulatory changes;
- the effects of any declines in global equity markets on asset
values and any declines in interest rates or other significant
assumptions used to value the liabilities in our pension plan;
- adverse conditions in the credit and capital markets, limiting
or preventing our ability to borrow or raise capital;
- our long-range plan assumptions not being realized causing a
non-cash impairment charge of long-lived assets;
Legal, Environmental and Regulatory Risks
- new regulations or public policy changes regarding the
transportation of hazardous chemicals and the security of chemical
manufacturing facilities;
- changes in, or failure to comply with, legislation or
government regulations or policies, including changes within the
international markets in which we operate;
- unexpected litigation outcomes;
- costs and other expenditures in excess of those projected for
environmental investigation and remediation or other legal
proceedings; and
- various risks associated with our Lake City U.S. Army
Ammunition Plant contract, including performance and compliance
with governmental contract provisions.
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.
2021-17
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SOURCE Olin Corporation