CLAYTON, Mon., November 1, 2021 / PRNewswire / – Olin Corporation (NYSE: OLN) announced today that its board of directors has a new $ 1.0 billion Share buyback program (“Share buyback program 2021”). As part of the 2021 share buyback program, common shares in the company can be repurchased on a regular basis, including on the open market or in privately negotiated transactions. The actual timing, manner, number, and value of shares repurchased under the program will be determined by management in its sole discretion and will depend on a number of factors including the market price of Olin common shares, general market and economic conditions , applicable requirements, and other business considerations.
“With our solid balance sheet and strong cash flow, the company is well positioned to take advantage of this attractive opportunity to invest in Olin,” said Scott Sutton, Olin Chairman, President and Chief Executive Officer. “This new program reflects our confidence in Olin’s future revenue and cash flow generation and is in line with our broader capital allocation strategy to maximize shareholder value for years to come.”
on September 30, 2021, the company still had the authorization to buy back approx. $ 236 million of the company’s common stock under its existing share buyback plan approved in April 2018 (the “Share Buyback Program 2018”). The authorization still available under the share buyback program 2018 will not be affected by the authorization of the share buyback program 2021.
The 2021 share buyback program has no time limit and does not require the company to purchase a specific number of common shares in the company.
Olin Corporation is a leading vertically integrated global chemical manufacturer and distributor and a leading US ammunition manufacturer. Chemical products manufactured include chlorine and caustic soda, vinyls, epoxies, chlorinated organics, bleach and hydrochloric acid. Winchester’s major manufacturing facilities manufacture and sell sports ammunition, law enforcement ammunition, reloading components, small-caliber military ammunition and components, and industrial cartridges.
Visit www.olin.com for more information about Olin.
This release contains forward-looking statements. These statements relate to analysis and other information based on management’s beliefs, certain assumptions made by management, projections of future results, and current expectations, estimates and projections about the markets and economies in which we and our various segments operate . The statements in this release that are not historical facts may contain forward-looking statements that involve a number of risks and uncertainties.
We have used the words “anticipate”, “intend”, “may”, “expect”, “believe”, “should”, “plan”, “look out”, “project”, “estimate”, “predict”. optimistic, “” aim, and variations of such words and similar expressions used in this release to identify such forward-looking statements. These forward-looking statements include, among other things, statements about the Company’s intention to repurchase common stock in the Company from time to time. These statements are not Warranties of future performance involve certain risks, uncertainties and assumptions that are difficult to predict and many of which are beyond our control. Therefore, actual results and results could differ materially from those expressed or implied in such forward-looking statements. We assume no liability to publicly update forward-looking statements, whether due to future events, new information or other reasons ual terms, including our earnings, business, financial terms, capital requirements, and other factors that are deemed relevant by our directors and directors. Going forward, our board of directors may change our dividend policy, including the frequency or amount of dividends, in light of then-existing conditions.
The risks, uncertainties, and assumptions associated with our forward-looking statements, many of which are discussed in greater detail in our filings with the SEC, including, but not limited to, the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2020 and our quarterly reports on Form 10-Q and other reports filed or filed with the SEC 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 we serve;
- Decreases in average sales prices in the chlor-alkali industry and the supply / demand balance for our products, including the effects of overcapacity in the industry or an imbalance in demand for our chlor-alkali products;
- unsuccessful implementation of our operating model, which prioritizes the margins of the electrochemical unit (ECU) over sales volume;
- our reliance on a limited number of suppliers for certain raw materials and services and our reliance on third party transportation;
- Failure to control costs or achieve targeted cost reductions;
- higher than expected raw material, energy, transport and / or logistics costs;
- the occurrence of unexpected production stoppages and downtimes, including those that occur as a result of work stoppages and production hazards;
- the failure or disruption of our information technology systems;
- our substantial debt and debt servicing obligations;
- the negative impact of the COVID-19 pandemic and the global response to the pandemic, including, but not limited to, negative effects of compliance with government COVID-19 vaccine mandates;
- weak industry conditions that affect our ability to meet the financial maintenance obligations in our senior secured credit facility;
- the loss of a significant customer for chlorine or caustic soda could result in an imbalance in customer demand for those products;
- Failure to attract, retain, and motivate key employees;
- Risks associated with our international sales and operations, including economic, political or regulatory changes;
- the impact of declines in global stock markets on assets and declines in interest rates or other significant assumptions used in evaluating the liabilities in our retirement plan;
- adverse conditions in the credit and capital markets that limit or prevent our ability to borrow or raise capital;
- that our assumptions about long-term plans will not materialize, resulting in a non-cash impairment of long-lived assets;
Legal, environmental and regulatory risks
- new regulations or public policy changes related to the transportation of hazardous chemicals and the safety of chemical manufacturing facilities;
- Changes in or non-compliance with any law or government regulation or policy, including changes in the international markets in which we operate;
- unexpected litigation results;
- Costs and other expenses in excess of those earmarked for environmental research and remediation or other legal proceedings; and
- various risks associated with our contract for the U.S. Army Ammunition Plant in Lake City, including performance and regulatory compliance.
All of our forward-looking statements should be viewed in light of these factors. In addition, other risks and uncertainties that we are not currently aware of or that we consider immaterial could affect the accuracy of our forward-looking statements.
SOURCE Olin Corporation