# EDGAR Filing Document

**Accession Number:** 0000074303
**File Stem:** 0000074303-23-000088
**Filing Date:** 2023-3
**Character Count:** 18841
**Document Hash:** 3f7354fd3e518f61e20559576c8d908e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000074303-23-000088.hdr.sgml**: 20230321

**ACCESSION NUMBER**: 0000074303-23-000088

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230321

**ITEM INFORMATION**: Cost Associated with Exit or Disposal Activities

**ITEM INFORMATION**: Material Impairments

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230321

**DATE AS OF CHANGE**: 20230321

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** OLIN Corp
- **CENTRAL INDEX KEY:** 0000074303
- **STANDARD INDUSTRIAL CLASSIFICATION:** CHEMICALS & ALLIED PRODUCTS [2800]
- **IRS NUMBER:** 131872319
- **STATE OF INCORPORATION:** VA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-01070
- **FILM NUMBER:** 23750288

**BUSINESS ADDRESS:**
- **STREET 1:** OLIN CORPORATION
- **STREET 2:** 190 CARONDELET PLAZA SUITE 1530
- **CITY:** CLAYTON
- **STATE:** MO
- **ZIP:** 63105
- **BUSINESS PHONE:** 3144801400

**MAIL ADDRESS:**
- **STREET 1:** OLIN CORPORATION
- **STREET 2:** 190 CARONDELET PLAZA SUITE 1530
- **CITY:** CLAYTON
- **STATE:** MO
- **ZIP:** 63105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** OLIN CORP
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** OLIN MATHIESON CHEMICAL CORP
- **DATE OF NAME CHANGE:** 19691008

?xml version="1.0" ? oln-20230321

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** March 21, 2023

**OLIN CORPORATION** 

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Virginia** | **1-1070** | **13-1872319** |
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

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| | | | | |
|:---|:---|:---|:---|:---|
| **190 Carondelet Plaza,** | **Suite 1530** | **Clayton,** | **MO** | **63105** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |

---

**(314) 480-1400** 

(Registrant's telephone number, including area code)

(Former name or former address, if changed since last report)

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| | | | |
|:---|:---|:---|:---|
| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): | Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): | Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): | Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): |
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: |
| **Title of each class** | **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |
| Common Stock, $1.00 par value per share | Common Stock, $1.00 par value per share | OLN | New York Stock Exchange |
| Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). |
| ☐ | Emerging growth company | Emerging growth company | Emerging growth company |
| ☐ | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. |

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| | |
|:---|:---|
| **Item 2.05.** | **Costs Associated with Exit or Disposal Activities.** |

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Consistent with the previously disclosed strategy to optimize the epoxy resin business asset base, 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. Approximately $42 million in cash charges include contract termination costs and facility exit costs, which are expected to be paid over the next three years.

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| | |
|:---|:---|
| **Item 2.06.** | **Material Impairments.** |

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The disclosures under Item 2.05 are incorporated by reference into this Item 2.06.

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| | |
|:---|:---|
| **Item 7.01.** | **Regulation FD Disclosure.** |

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Attached as Exhibit 99.1 and is incorporated herein by reference is a copy of Olin's press release dated March 21, 2023 announcing the restructuring described in Item 2.05.

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| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |
| **<u>(d)</u>** <u>Exhibit No.</u> | <u>Exhibit</u> |
| 99.1 | <u>[Press Release issued March 21, 2023](exhibit991restructuring.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| **OLIN CORPORATION** | **OLIN CORPORATION** | **OLIN CORPORATION** |
| By: | <u>/s/ Dana O'Brien</u> | <u>/s/ Dana O'Brien</u> |
|  | Name: | Dana O'Brien |
|  | Title: | Senior Vice President, General Counsel and Secretary |

---

Date: March 21, 2023

## Exhibit 99.1

**Exhibit 99.1**

Investor Contact: Steve Keenan

(314) 719-1755

<u>InvestorRelations@Olin.com</u>

![olinlogo10042020a01a.jpg](olinlogo10042020a01a.jpg)***News***

Olin Corporation, 190 Carondelet Plaza, Suite 1530, Clayton, MO 63105

**Olin Announces Epoxy Facility Closures as Part of On-Going Restructuring Program**

**Clayton, MO, March 21, 2023 –** Olin Corporation (NYSE: OLN) announced today that it has made the decision to cease operations at its Cumene facility in Terneuzen, Netherlands and solid epoxy resin production at its facilities in Gumi, South Korea and Guaruja, Brazil. Olin's first quarter 2023 results are forecast to include approximately $57 million of restructuring charges associated with these plans of which approximately $15 million of these restructuring charges represent non-cash asset impairment charges. The cash component of these charges is expected to be paid over the next three years.

"This is another step to right-size our global Epoxy asset footprint to the most cost-effective asset base to support our strategic operating model." remarked Scott Sutton, Chairman, President, and Chief Executive Officer. "Our Epoxy business continues to experience weak global epoxy demand and excess supply availability. This action reinforces our commitment to lift our Epoxy business earnings to a more sustainable level. We will continue to evaluate and execute additional actions that right-size the business to achieve reinvestment economics across our Epoxy portfolio."

**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, hydrogen, 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," "target," and variations of such words and similar expressions in this communication to identify such forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the Company's intent to repurchase, from time to time, the Company's common stock. 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, 2022, and our Quarterly Reports on Form 10-Q and other reports furnished or filed with the SEC, include, but are not limited to, the following:

**<u>Business, Industry and Operational Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• declines in average selling prices for our products 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unsuccessful execution of our strategic operating model, which prioritizes Electrochemical Unit (ECU) margins over sales volumes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to control costs and inflation impacts or failure to achieve targeted cost reductions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our reliance on a limited number of suppliers for specified feedstock and services and our reliance on third-party transportation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the occurrence of unexpected manufacturing interruptions and outages, including those occurring as a result of labor disruptions, production hazards and weather-related events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• availability of and/or higher-than-expected costs of raw material, energy, transportation, and/or logistics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the failure or an interruption of our information technology systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to identify, attract, develop, retain and motivate qualified employees throughout the organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our inability to complete future acquisitions or joint venture transactions or successfully integrate them into our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with our international sales and operations, including economic, political or regulatory changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the negative impact from a public health crisis, such as a pandemic, epidemic or outbreak of infectious disease, including the COVID-19 pandemic and the global response to the pandemic, including without limitation adverse impacts in complying with governmental mandates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our indebtedness and debt service obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• weak industry conditions affecting our ability to comply with the financial maintenance covenants in our senior credit facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse conditions in the credit and capital markets, limiting or preventing our ability to borrow or raise capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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, and funding of, our pension plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our long-range plan assumptions not being realized causing a non-cash impairment charge of long-lived assets;

**<u>Legal, Environmental and Regulatory Risks</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in, or failure to comply with, legislation or government regulations or policies, including changes regarding our ability to manufacture or use certain products and changes within the international markets in which we operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• new regulations or public policy changes regarding the transportation of hazardous chemicals and the security of chemical manufacturing facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unexpected outcomes from legal or regulatory claims and proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs and other expenditures in excess of those projected for environmental investigation and remediation or other legal proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• various risks associated with our Lake City U.S. Army Ammunition Plant contract and performance under other governmental contracts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to effectively manage environmental, social and governance (ESG) issues and related regulations, including climate change and sustainability.

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.

2023-03

<br>