- Operations at Cumene facility in Terneuzen, Netherlands will cease.
- Solid epoxy resin production in Gumi, South Korea and Guaruja, Brazil will stop.
- Q1 2023 results will include $57 million in restructuring charges.
- Approximately $15 million of these charges are non-cash asset impairments.
Plant Closures
Olin Corporation announced the shutdown of its Cumene facility in Terneuzen, Netherlands, and the cessation of solid epoxy resin production at its facilities in Gumi, South Korea, and Guaruja, Brazil.
Financial Impact
The company's first quarter 2023 results will include approximately $57 million in restructuring charges. Of these, around $15 million are non-cash asset impairment charges. The cash component of these charges is expected to be paid over the next three years.
Strategic Adjustments
These actions are part of Olin's strategy to optimize its global Epoxy asset footprint, aiming to support a more cost-effective operating model. The company is responding to weak global epoxy demand and excess supply availability.
Future Plans
Olin will continue to evaluate and execute additional measures to right-size its Epoxy business, aiming to achieve sustainable earnings and reinvestment economics across its portfolio.
