Olin to cease operations at Gumi, South Korea facility

Olin also announced the decision to cease all operations at its Gumi, South Korea facility, reduce epoxy resin and upstream capacity at its Freeport, Texas facility, and reduce our sales and support staffing across Asia. Olin’s second quarter 2023 results are forecast to include approximately $12M of restructuring charges associated with these plans of which approximately $6 million represents non-cash asset impairment charges. The cash component of these charges is expected to be paid over the next year. “The restructuring actions announced on March 21, 2023, and in this announcement will complete the rightsizing of the Epoxy business and are expected to deliver $50 million of improved annual EBITDA beginning in fourth quarter 2023 continuing our commitment to elevate our Epoxy business earnings to a more sustainable level. Through these actions, we will have configured our global Epoxy asset capability to improve profitability through future recessions,” remarked Scott Sutton, Chairman, President, and CEO. “Both of our chemical businesses continue to experience a challenging demand environment. Our team remains focused on demonstrating our winning model’s resilience and ability to deliver significantly higher trough level adjusted EBITDA compared to Olin’s historical approach.”