OLIN Corp (OLN): restructuring charge — Olin shuts three epoxy facilities, expects $57M restructuring charge in Q1 2023

OLIN Corp

Ceases Cumene operations in Terneuzen, Netherlands and solid epoxy resin production in Gumi, South Korea and Guaruja, Brazil.
Q1 2023 restructuring charges of ~$57M, with $15M non-cash asset impairment and $42M cash charges over three years.
CEO cites weak global epoxy demand and excess supply; says action reinforces commitment to lift earnings to sustainable level.
Operations to cease by March 31, 2023; cash charges from contract termination and facility exit costs paid over three years.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

OLIN Corp announced a restructuring with charges of approximately $57 million affecting Olin’s Cumene facility in Terneuzen, Netherlands and the solid epoxy resin production at its facilities in Gumi, South Korea and Guaruja, Brazil.

Type: restructuring
Charge: approximately $57 million
Affected area: Olin’s Cumene facility in Terneuzen, Netherlands and the solid epoxy resin production at its facilities in Gumi, South Korea and Guaruja, Brazil

Exact text from the filing

on March 21, 2023, management of Olin Corporation (“Olin”) approved a plan to cease operations at Olin’s Cumene facility in Terneuzen, Netherlands and the solid epoxy resin production at its facilities in Gumi, South Korea and Guaruja, Brazil. Olin plans to cease operations by March 31, 2023. In the first quarter of 2023, Olin expects to incur approximately $57 million of restructuring charges under this plan, of which approximately $15 million of these restructuring charges represent non-cash asset impairment of equipment and facility.

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Source: SEC EDGAR

accession 0000074303-23-000088

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