Olin Announces Chlor Alkali Capacity Reduction And Fourth Quarter Restructuring Charges

Olin Corporation OLN announced today that it plans to permanently close the portion of its Becancour, Quebec, Canada facility that has been shut down since late June 2014. This action reduces the facility's chlor alkali capacity by 185,000 tons. The plant will predominately focus on bleach and hydrochloric acid, which are value-added products, as well as caustic soda. Because of this decision, Olin will incur approximately $10 million of additional pretax restructuring charges in fourth quarter of 2014. These charges include asset write-offs, employee related costs and contract terminations. This restructuring charge was not included in the fourth quarter 2014 earnings guidance provided on October 23, 2014.