OLIN Corp (OLN): restructuring charge — Olin lowers Q2 adjusted EBITDA guidance to $350-360M, announces epoxy restructuring

OLIN Corp

Q2 adjusted EBITDA expected $350-360M, down from prior forecast due to ~$50M impact from extended VCM turnaround and weak demand.
Ceasing Gumi, S. Korea operations; reducing Freeport epoxy capacity; cutting Asia sales/support staff; completion by Dec 31, 2023.
Q2 restructuring charges of ~$12M comprising ~$6M non-cash impairment and ~$6M cash for severance and contract termination.
Combined epoxy restructuring expected to deliver $50M annual EBITDA improvement beginning Q4 2023.
VCM plant returned at reduced rate after ~7-week extended maintenance turnaround.

item 2.02 item 2.05 item 2.06 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

OLIN Corp updated its second quarter 2023 guidance (lowered).

Period: second quarter 2023
Guidance: lowered
Result: guidance update

Exact text from the filing

Olin Updates Second Quarter 2023 Outlook and Announces Additional Epoxy Restructuring Actions

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

OLIN Corp announced a restructuring with charges of approximately $12 million of restructuring charges affecting epoxy resin business; Gumi, South Korea facility; Freeport, Texas facility; sales and support staffing across Asia (reduce its sales and support staffing across Asia).

Type: restructuring
Charge: approximately $12 million of restructuring charges
Affected area: epoxy resin business; Gumi, South Korea facility; Freeport, Texas facility; sales and support staffing across Asia
Headcount: reduce its sales and support staffing across Asia

Exact text from the filing

In the second quarter of 2023, Olin expects to incur approximately $12 million of restructuring charges under this action plan, of which approximately $6 million of these restructuring charges represent non-cash asset impairment of equipment and facility.

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Source: SEC EDGAR

accession 0000074303-23-000130

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