EX-99.1
2
pressreleasemetalsclosing.htm
PRESS RELEASE DATED NOVEMBER 19, 2007
pressreleasemetalsclosing.htm
Exhibit
99.1
Investor
Contact: Larry P.
Kromidas
(618)
258-3206
News
Olin
Corporation, 190 Carondelet Plaza, Suite 1530, Clayton, MO
63105-3443
FOR
IMMEDIATE RELEASE
OLIN
ANNOUNCES SALE OF ITS METALS DIVISION
TO
GLOBAL BRASS AND COPPER, INC.
CLAYTON,
MO, November 19, 2007
- Olin Corporation
(NYSE: OLN)
announced today the completion of the sale of
its Metals business to
Global Brass and Copper, Inc., an affiliate of KPS Capital Partners,
LP. In connection with the sale, Olin expects to realize
approximately $380 million in net after tax proceeds. The sale includes all
of
the Company's worldwide Metals operations, including its manufacturing
facilities in East Alton, Illinois; Montpelier and Bryan, Ohio; Waterbury,
Connecticut; and Cuba, Missouri, as well as its A. J. Oster metals service
centers.
COMPANY
DESCRIPTION
Olin
Corporation is a manufacturer concentrated in two business
segments: Chlor Alkali Products and Winchester. Chlor
Alkali Products manufactures chlorine and caustic soda, sodium hydrosulfite,
hydrochloric acid, hydrogen, potassium hydroxide and bleach
products. Winchester products include sporting ammunition, reloading
components, small caliber military ammunition and components, and industrial
cartridges.
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", "project", "estimate", and variations of such words and similar
expressions in this communication to identify such forward-looking statements.
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.
Relative to the dividend, 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 our Annual Report on Form 10-K for the year ended December 31,
2006,
include, but are not limited to, the following:
·
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, such as ammunition, housing, vinyls and pulp and
paper and
the migration by United States customers to low-cost foreign
locations;
·
the
cyclical nature of our operating results, particularly declines
in average
selling prices in the chlor alkali industry 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;
·
economic
and industry downturns that result in diminished product demand
and excess
manufacturing capacity in any of our segments and that, in many
cases,
result in lower selling prices and
profits;
·
the
effects of any declines in global equity markets on asset values
and any
declines in interest rates used to value the liabilities in our
pension
plan;
·
costs
and other expenditures in excess of those projected for environmental
investigation and remediation or other legal
proceedings;
·
higher-than-expected
raw material, energy, transportation, and/or logistics
costs;
·
unexpected
litigation outcomes;
·
the
occurrence of unexpected manufacturing interruptions and outages,
including those occurring as a result of labor disruptions and
production
hazards;
·
new
regulations or public policy changes regarding the transportation
of
hazardous chemicals and the security of chemical manufacturing
facilities;
and
·
an
increase in our indebtedness or higher-than-expected interest rates,
affecting our ability to generate sufficient cash flow for debt
service.
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.
2007
-
24

EX - 99 . 1 2 pressreleasemetalsclosing . htm PRESS RELEASE DATED NOVEMBER 19 , 2007 pressreleasemetalsclosing . htm Exhibit 99 . 1 Investor Contact : Larry P. Kromidas ( 618 ) 258 - 3206 News Olin Corporation , 190 Carondelet Plaza , Suite 1530 , Clayton , MO 63105 - 3443 FOR IMMEDIATE RELEASE OLIN ANNOUNCES SALE OF ITS METALS DIVISION TO GLOBAL BRASS AND COPPER , INC . CLAYTON , MO , November 19 , 2007 - Olin Corporation ( NYSE : OLN ) announced today the completion of the sale of its Metals business to Global Brass and Copper , Inc . , an affiliate of KPS Capital Partners , LP . In connection with the sale , Olin expects to realize approximately $ 380 million in net after tax proceeds . The sale includes all of the Company 's worldwide Metals operations , including its manufacturing facilities in East Alton , Illinois ; Montpelier and Bryan , Ohio ; Waterbury , Connecticut ; and Cuba , Missouri , as well as its A . J . Oster metals service centers . COMPANY DESCRIPTION Olin Corporation is a manufacturer concentrated in two business segments : Chlor Alkali Products and Winchester . Chlor Alkali Products manufactures chlorine and caustic soda , sodium hydro sulfite , hydrochloric acid , hydrogen , potassium hydroxide and bleach products . Winchester products include sporting ammunition , reloading components , small caliber military ammunition and components , and industrial cartridges . 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 " , " project " , " estimate " , and variations of such words and similar expressions in this communication to identify such forward - looking statements . 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 . Relative to the dividend , 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 our Annual Report on Form 10 - K for the year ended December 31 , 2006 , include , but are not limited to , the following : · 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 , such as ammunition , housing , vinyls and pulp and paper and the migration by United States customers to low - cost foreign locations ; · the cyclical nature of our operating results , particularly declines in average selling prices in the chlor alkali industry 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 ; · economic and industry downturns that result in diminished product demand and excess manufacturing capacity in any of our segments and that , in many cases , result in lower selling prices and profits ; · the effects of any declines in global equity markets on asset values and any declines in interest rates used to value the liabilities in our pension plan ; · costs and other expenditures in excess of those projected for environmental investigation and remediation or other legal proceedings ; · higher - than - expected raw material , energy , transportation , and / or logistics costs ; · unexpected litigation outcomes ; · the occurrence of unexpected manufacturing interruptions and outages , including those occurring as a result of labor disruptions and production hazards ; · new regulations or public policy changes regarding the transportation of hazardous chemicals and the security of chemical manufacturing facilities ; and · an increase in our indebtedness or higher - than - expected interest rates , affecting our ability to generate sufficient cash flow for debt service . 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 . 2007 - 24
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