Item 2.05. Costs Associated with Exit or Disposal Activities.
On January 18, 2021, Olin Corporation ("Olin") approved a plan to cease
operations of its Trichloroethylene ("Tric") and Anhydrous Hydrogen Chloride
("AnHCl") liquefaction facilities in Freeport, Texas, before the end of 2021.
As a result of this action, Olin expects to incur approximately $23 million of
pretax restructuring costs, approximately $2 million of which is expected to be
incurred in 2021. Olin currently estimates these restructuring costs will
consist of $21 million of facility exit costs and $2 million of contract
termination costs.
Item 7.01. Regulation FD Disclosure.
Attached as Exhibit 99.1 and incorporated herein by reference is a copy of
Olin's press release dated January 19, 2021 announcing that it has made the
decision to cease operations of its Tric and AnHCl liquefaction facilities in
Freeport, Texas before the end of 2021.
Safe Harbor Statement
This report contains forward-looking statements, including those regarding the
effect of the closing of the Tric and AnHCl liquefaction plants in Freeport,
Texas facilities, and the expected restructuring charges. All forward-looking
statements are based on management's estimates, projections and assumptions as
of the date hereof and include the assumptions that underlie such statements.
These statements are subject to known and unknown risks and uncertainties that
could cause actual results to differ materially from those expressed or implied
by such statements, including but not limited to, our ability to shut down the
operations discussed in this filing in a timely and effective manner and other
risks described in our SEC filings.
Olin undertakes no obligation to update any forward-looking statements.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibit No. Exhibit
99.1 Press Release announcing Olin's facility closures , dated
January 19, 2021
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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