Silicon Investor - Olin - My favorite Company

[richardred] Bought back in for under 18.90.

richardred — 11/19/2025 11:12:27 AM

[richardred] Nice day today on the bleach announcement. Olin and K2 Announce Strategic Expan...

richardred — 7/1/2025 11:46:21 AM

Nice day today on the bleach announcement.

Olin and K2 Announce Strategic Expansion of Bleach Distribution Partnership in California and the Western United States

PR Newswire
Mon, June 30, 2025 at 4:05 PM EDT 2 min read

[richardred] I’ve been out for quite a while. I bought a nice chunk for under 20.

richardred — 6/18/2025 1:38:19 PM

[Paul Senior] I didn't like the quarterly report with the hurricane impact. Sold down most o...

Paul Senior — 10/27/2024 2:38:38 PM

I didn't like the quarterly report with the hurricane impact. Sold down most of my shares, with a view to add later as they rebuild facility.

[Paul Senior] I reenter Olin now for a few shares as stock falls.

Paul Senior — 7/5/2024 2:11:55 PM

[Paul Senior] I reenter now for a few shares as stock hits 12-mo low.

Paul Senior — 10/25/2023 4:57:14 PM

[Paul Senior] Nice report from OLN on balance. "Scott Sutton, Chairman, President, and Chi...

Paul Senior — 1/27/2023 10:05:13 AM

Nice report from OLN on balance.

"Scott Sutton, Chairman, President, and Chief Executive Officer, said, "In 2022, we repurchased approximately 16% of our outstanding shares from available cash flow, while also reducing our net debt level."

"Full year 2022 reported net income was $1,326.9 million, or $8.94 per diluted share, which compares to full year 2021 reported net income of $1,296.7 million, or $7.96 per diluted share."

On the other hand, this though:

"Despite the recessionary global economic conditions that developed during 2022, we generated over $1.3 billion of net income and over $2.4 billion of adjusted EBITDA.

"We expect the challenging global economic conditions to continue in 2023. Overall, we expect full year 2023 adjusted EBITDA to be in the $1.5 to $2.0 billion range. "\

I sold just a little now, intending to add back if/when stock drops back.

[Paul Senior] Adding more here at $53 level.

Paul Senior — 6/15/2022 10:15:11 AM

[Paul Senior] Fwiw, I'm still building position at current stock prices.

Paul Senior — 3/5/2022 11:52:36 AM

[Paul Senior] A little more for me today as stock drops below $49.

Paul Senior — 3/1/2022 11:30:27 AM

[Paul Senior] Stub did well. Stock now under $50. I'll up my stub by just a few shares now.

Paul Senior — 1/27/2022 6:35:07 PM

[Paul Senior] It was a VERY nice run up. Sold many shares on rise. Will follow you now on y...

Paul Senior — 11/12/2020 2:25:25 PM

It was a VERY nice run up. Sold many shares on rise. Will follow you now on your news: reducing remaining shares to a stub position.

[richardred] Insider sold shares. Therefore I sold my position upon a nice run up.

richardred — 11/12/2020 10:52:34 AM

[richardred] The Same director buying more @ 10. I think gave it a boost today.

richardred — 8/24/2020 1:52:48 PM

[richardred] Yes, I saw that, and those buys were not option exercises at 0.

richardred — 8/22/2020 12:56:00 PM

[Paul Senior] Hey! Welcome back! Have been in/out many times over the years --likely not as ...

Paul Senior — 8/22/2020 12:26:49 PM

Hey! Welcome back!

Have been in/out many times over the years --likely not as many as you though with your 30 years -g-. Always for me for only a few shares.

At $10 level this week though, I'm in for a full position.
===================
Two recent insider buyers last week at $11.31 and $11.05, fwiw.

[richardred] Brought back in when it broke below 10. Based on past history when earnings did...

richardred — 8/22/2020 11:56:31 AM

Brought back in when it broke below 10. Based on past history when earnings didn't cover the dividend. I currently feel the dividend will be maintained for now. Debt is high, but feel the company is financed ok till things improve. RE-Dividend- Kind of like BGS foods where it was important for it to be maintained. Nice to see some insider buying at 11. Maybe a sign CA prices are near bottom? Given small arms demand and military contracts. I reiterate that I think the Winchester small caliber ammunition should be spun off to share holders.

Braskem to restart shut chlor-alkali, EDC plants in Nov: executive.
spglobal.com

P.S.

To: richardred who wrote (142)	8/23/2019 10:30:05 AM
From: richardred	Read Replies (1) of 153

Added to OLN today on the new low. Olin the master of spin offs. Maybe it's time for Winchester? A small 2000 share insider buy @ 16.68. The dividend has been maintained @ .80 for as long as I can remember. A place to park some $ till the housing market recovers. Message 32296160

[Paul Senior] Back in on today's drop.

Paul Senior — 8/19/2020 6:37:59 PM

[Paul Senior] Bought just a VERY little today for a start.

Paul Senior — 3/6/2020 3:44:17 PM

[richardred] Sold OLIN position today.

richardred — 3/3/2020 10:10:35 AM

[richardred] Bought back into some OLIN shares today.

richardred — 2/28/2020 1:43:38 PM

[richardred] Sachem Head builds stake in Olin Corp, plans proxy contest -filing BY Reuter...

richardred — 2/24/2020 5:41:55 PM

Sachem Head builds stake in Olin Corp, plans proxy contest -filing
BY Reuters
— 4:53 PM ET 02/24/2020

[richardred] I was expecting to hang on longer. I sold my shares today because I was weighted...

richardred — 9/9/2019 10:56:19 AM

I was expecting to hang on longer. I sold my shares today because I was weighted and had a nice quick swing trade profit. If the stock gets back in the 15 range. I'll once again be interested.

The dividend since I can remember has been maintained at .80. I expect that to be maintained through thick and thin.

With regard to Chinese production. I believe that was addressed in the earnings call. I thought the news was positive for OLN. I'm also guessing Iran's CA production has been affected by the US ban.

The company since I can remember has had various payouts for chemical remediation. I suppose if they owned or still own one of the Chemical Superfund clean up sites, their shares of costs would be higher? I'm not sure what current reserves they have set aside for remediation or the extent? The Superfund clean up fund was to address this. Especially for those who went bankrupt and had no money to pay for clean up. The originator is responsible. The question was asked at the call with regards to Dow properties. Dow is responsible for remediation on it's former properties.

Winchester- IMO still should be spun off or sold. I believe that would be a catalyst for the stock if that hypothetical happens.

[Paul Senior] Just reviewing, I see: Company is net earning profitable in 9 of past 11 years....

Paul Senior — 9/8/2019 2:22:56 PM

Just reviewing, I see:

Company is net earning profitable in 9 of past 11 years.
P/e is 10.6 vs ten year median of 12.6.
Price/stated bv is about 1. In past decade p/stated bv has been above 1.5 (Morningstar table (avgs)).
Price/cash flow looks low (per Morningstar data)
Dividend has been .80/year for at least a decade.

===
Ok, so no dividend growth. Otoh, it would seem to me that management would have at least some interest though in not ever cutting it and ruining the co's history.

Ammunition sales may be down generally as people have stocked up. I'm not sure; haven't followed this aspect of the business.

Chlor Alkali business could be affected by big Chinese production coming on-line. Otoh, maybe there are going to be tariffs that might be beneficial to OLN. I don't follow caustic soda, etc. prices or forecasts, but I understand that chlor alkali demand is predicted to increase over the next few years.

Company recently spent $20M in remediation. I've read that some people believe OLN's exposure to environmental issues and health claims from one plant could amount to $Billions (?).

[richardred] Another insider buy @ 15.73 & 15.52. FWIW I found the earnings call surprising ...

richardred — 8/27/2019 10:53:55 AM

Another insider buy @ 15.73 & 15.52. FWIW I found the earnings call surprising good.

[Paul Senior] Also added to OLN today on today's sharp market fall.

Paul Senior — 8/23/2019 6:58:23 PM

[richardred] Added to OLN today on the new low. Olin the master of spin offs. Maybe it's ti...

richardred — 8/23/2019 10:30:05 AM

Added to OLN today on the new low. Olin the master of spin offs. Maybe it's time for Winchester? A small 2000 share insider buy @ 16.68. The dividend has been maintained @ .80 for as long as I can remember. A place to park some $ till the housing market recovers.

[Paul Senior] Added a little today to my few shares.

Paul Senior — 8/21/2019 3:44:23 PM

[richardred] Bought back into OLN today.

richardred — 8/19/2019 10:37:32 AM

[Paul Senior] A caustic stock price for this caustic soda company. I'll add a bit more to my ...

Paul Senior — 12/21/2018 3:06:08 PM

A caustic stock price for this caustic soda company.

I'll add a bit more to my position now as stock continues down with the sector (industrial chem companies) and market.

Next q expected to be a down quarter per company. Next year to be profitable afaik; dividend intact while waiting for stock to improve.

[Paul Senior] I'll reenter OLN for a few shares now.

Paul Senior — 10/11/2018 12:05:03 PM

[Paul Senior] I'll sell into strength and close out my position now.

Paul Senior — 4/20/2017 5:50:25 PM

[richardred] Petrobras plans to sell Braskem stake by end-2018 in asset dumpPetrobras is retr...

richardred — 9/29/2016 12:37:29 PM

Petrobras plans to sell Braskem stake by end-2018 in asset dumpPetrobras is retreating from peripheral businesses

Published: 16:38 September 24, 2016
Bloomberg

Rio de Janeiro: Petroleo Brasileiro SA plans to sell its stake in petrochemicals producer Braskem SA before the end of 2018 to help fund its business plan and reduce debt, Chief Financial Officer Ivan Monteiro said.

Petrobras, as the Rio de Janeiro-based state-run producer is known, has included the Braskem stake in a plan to raise $19.5 billion through divestitures in 2017 and 2018, and is in the initial phases of the sale process, Monteiro said in an interview on Friday.

“We have intentions to leave this asset, but we don’t have a date,” Monteiro said at one of the company’s offices in downtown Rio.

Petrobras is retreating from peripheral businesses such as biofuels, petrochemicals and fertilisers to focus on its most profitable oil and natural gas projects in deep waters of the South Atlantic. The company is showing investors that it has the ability to meet its asset sale targets after raising almost $10 billion from such deals since the start of 2015, Monteiro said. His comments came on the same day Petrobras agreed to sell a gas distribution unit for $5.2 billion, its biggest asset deal on record.

In October a group of Petrobras officials including Chief Executive Officer Pedro Parente will travel to cities in the US and Europe to meet with equity and fixed income investors to present the business plan and show the progress the company has made in streamlining the business, Monteiro said.

Petrobras is Braskem’s second-largest shareholder, with about 47 per cent of voting stock and 36 per cent of its total capital, according to the petrochemical company’s website.

gulfnews.com

[Paul Senior] Not a good quarterly report, and stock down sharply. I've been out, now will r...

Paul Senior — 7/22/2016 1:27:53 PM

Not a good quarterly report, and stock down sharply. I've been out, now will reenter for a few shares.

[richardred] Westlake wins Axiall. IMO OLN has a good amount of speculative appeal built in ...

richardred — 6/14/2016 10:08:17 AM

Westlake wins Axiall. IMO OLN has a good amount of speculative appeal built in current price. Even though highly leveraged, If successful, the Dow/Dupont pending merger heightens this aspect. The OLN stake would be an asset they IMO would most likely sell to pay down debt Winchester makes sense to sell off now. Hedge funds have a big bet here at much lower prices.

reuters.com

Westlake Chemical to acquire Axiall for $3.8 bn
14
Jun '16

International petrochemicals manufacturer Westlake Chemical has signed an agreement to acquire the integrated chemicals company Axiall for $33 per share, which comes to approximately $3.8 billion, by the fourth quarter of 2016. The transaction will provide the company with complementary geographic and product positions, better positioning of the company for margin capture and earnings stability, expanded manufacturing presence and a strong combined balance sheet.

Approved by the board of directors of both companies, the transaction will make the company the third largest producer of chlor-alkali in North America.

“This transaction aligns two remarkable companies, creates a company with greater financial and operational flexibility and accelerates our growth strategy,” Albert Chao, president and CEO of Westlake commented on the acquisition.

“We have tremendous respect for Axiall's employees and look forward to working closely with them to achieve these goals,” he added.

The transaction is subject to the approval of Axiall's stockholders and customary closing conditions.

It is an all-cash transaction. (MCJ)

fibre2fashion.com

[Paul Senior] Perhaps I've been a couple of days slow and late-- I'll nevertheless reenter now...

Paul Senior — 2/23/2016 11:47:39 AM

Perhaps I've been a couple of days slow and late-- I'll nevertheless reenter now for a few shares.

Div + insider buying attracts

[richardred] Sold Olin position today.

richardred — 10/22/2015 10:18:10 AM

[richardred] After being out of Olin since 2013. I felt compelled to have my first buy in a ...

richardred — 9/22/2015 12:51:18 PM

After being out of Olin since 2013. I felt compelled to have my first buy in a very long time to be OLN. Back when I was at Individual Investors. The FTC wouldn't allow this previous purposed merger of CA operations to go through with Dow. From memory, they ruled anti competitive due to to big a market share of CA. I think OLN eventually, if and when the economy expands beyond its current stagnate levels. Olin will dominate in the very high margin business of chlor alkali. To be sure commodities are way out of favor. Meanwhile I will have a covered stagnate yield to keep me company for awhile. It also doesn't hurt that a hedge fund has now built over a five percent stake.

P.S Possible speculative appeal. However, Winchester division, unless sold or spun off would be a sticky issue on any foreign sale IMO. A spin off of Winchester seems more likely than ever. Olin has a history of spin offs. The Last two already acquired by acquisition minded hunter companies.(Primex & Arch Chemical)

siliconinvestor.com

[richardred] What I find most interesting is OXY and Olin wanted to combine their CA operatio...

richardred — 3/27/2015 9:08:31 AM

What I find most interesting is OXY and Olin wanted to combine their CA operations many years ago. The FTC ruled against it. It will be interesting to see if this bigger combo deal gets FTC approval.

[richardred] OLIN trading around 35 premarket on the announcement. Dow Chemical, Olin in $5B...

richardred — 3/27/2015 9:04:29 AM

OLIN trading around 35 premarket on the announcement.

Dow Chemical, Olin in $5B cash-and-stock deal
Dow Chemical to separate part of business and combine it with Olin in $5B cash-and-stock deal
Associated Press
40 minutes ago

MIDLAND, Mich. (AP) -- Dow Chemical is breaking off a significant part of its chlorine operations in a deal with Olin Corp. valued at $5 billion.

Dow has been under pressure from the hedge fund Third Point LLC to split its specialty chemical and petrochemical businesses.

Dow CEO and Chairman Andrew Liveris said in a statement that the Olin deal has helped the Midland, Michigan-based company exceed its target to divest $7 billion to $8.5 billion of non-strategic businesses and assets.

Its stock rose more than 5 percent in Friday premarket trading.

Dow said that it would join its chlor-alkali and downstream derivatives businesses with Olin Corp. in a cash-and-stock transaction. The transaction includes Dow's U.S. Gulf Coast chlor-alkali and vinyl, global chlorinated organics and global epoxy businesses.

The deal includes $2 billion of cash and cash equivalents to be paid to Dow; an estimated $2.2 billion in Olin common stock and about $800 million of pension assumptions and other liabilities.

The new company will have annual revenue of nearly $7 billion.

Shareholders of Dow Chemical Co. will receive about 50.5 percent of Olin's stock, with existing Olin shareholders owning about 49.5 percent.

Clayton, Missouri-based Olin said that it anticipates annual cost savings of at least $200 million within three years. Joseph Rupp will remain as Olin's CEO. Its board will include the existing nine Olin directors and three new members to be designated by Dow.

Shares of Olin surged more than 26 percent before the market open.

The deal, which is targeted to close by year's end, still needs approval from Olin shareholders.

Dow and Olin also announced a separate, 20-year long-term capacity rights agreement for the supply of ethylene by Dow to Olin.

finance.yahoo.com

[richardred] Hanwha Chemical drops review of buying Dow Chemical chlorine biz.SEOUL, Dec 1 (R...

richardred — 11/30/2014 10:23:25 PM

Hanwha Chemical drops review of buying Dow Chemical chlorine biz.SEOUL, Dec 1 (Reuters) - South Korea's Hanwha Chemical is no longer considering buying parts of Dow Chemical's chloro-alkali business, a spokesman for Hanwha Group said on Monday.

South Korea's Hanwha Chemical had picked Credit Suisse to advise on possible purchases from Dow Chemical's chloro-alkali business but its interest is still in the early stages, Hanwha said earlier this year.

Hanwha Chemical and two group affiliates said it will buy stakes in Samsung Group's four chemical and defence firms for 1.9 trillion won ($1.72 billion) last week.

The Hanwha spokesman said the stake purchases in Samsung firms are expected to boost its petrochemical business, no longer making it necessary to consider Dow Chemical's businesses.

finance.yahoo.com

[richardred] 3:27 pm Olin: The London Company discloses 7.15% passive stake in 13G filing ( O...

richardred — 1/9/2014 12:35:29 AM

3:27 pm Olin: The London Company discloses 7.15% passive stake in 13G filing ( OLN) :

[richardred] France's KemOne receives two takeover bids at court hearing London (Plat...

richardred — 12/15/2013 11:31:14 AM

France's KemOne receives two takeover bids at court hearing

London (Platts)--13Dec2013/706 am EST/1206 GMT

France's KemOne has received two takeover bids, the company confirmed late Thursday in a statement.

Private buyout firm OpenGate Capital and private individual Alain de Krassny confirmed their takeover bids at a hearing held Thursday at the Commercial Court of Lyon.

There will be a further court hearing Wednesday and the acquirer of KemOne will be selected on this date, the company said.

KemOne SAS, an upstream business that makes chlorine, caustic soda and PVC, was put into administration by the commercial court of Lyon on March 27.
platts.com

[richardred] Sold OLN stake yesterday @ over 26 1/2.

richardred — 12/6/2013 9:33:50 AM

[richardred] India's Birla Chemicals to acquire Solaris Chemtech's chlor-alkali assets 6:23 ...

richardred — 6/3/2013 9:35:46 AM

India's Birla Chemicals to acquire Solaris Chemtech's chlor-alkali assets 6:23 AM MDT | June 3, 2013 | Francinia Protti-Alvarez

Aditya Birla Chemicals (ABC; Mumbai), a subsidiary of Aditya Birla Group, approved the acquisition of the chlor-alkali and phosphoric acid division of Solaris Chemtech Industries (Gurgaon, India), a subsidiary of the Avantha Group (New Delhi), for a cash consideration of 1.53 billion rupees ($26.9 million), ABC has announced. "This strategic acquisition further strengthens our position in the chlor-alkali business. It will take our chlor-alkali business on a higher growth trajectory and marks our entry into a new market segment, phosphoric acid.

chemweek.com

[Paul Senior] I'll go for a few more OLN shares now at current price.

Paul Senior — 7/24/2012 2:45:53 PM

[richardred] PPG to merge chemicals unit with Georgia Gulf ...

richardred — 7/19/2012 1:20:48 PM

PPG to merge chemicals unit with Georgia Gulf
Pittsburgh Business Times by Paul J. Gough, Web Producer Date: Thursday, July 19, 2012, 9:43am EDT

PPG Industries' commodity chemicals business will be merged with Atlanta-based Georgia Gulf Corp. in a transaction worth up to $2.1 billion.

PPG Industries Inc. (NYSE: PPG) said that the commodity chemicals business will be spun off from the rest of the Pittsburgh-based company to create a new company then merged with Georgia Gulf or a subsidiary to create a $5 billion company with the third largest chlor-alkali manufacturer in North America.

PPG will receive $900 million in cash, and the deal also includes $95 million of assumed debt, $87 million in minority interest. PPG shareholders will receive a total of $1 billion in shares in Georgia Gulf (NYSE: GGC) and own about 50.5 percent of the merged company; Georgia Gulf shareholders will own 49.5 percent.

The deal is expected to be concluded by early next year.

“We are pleased to have reached this agreement as this transaction is another major step in our strategic transformation into a more focused coatings and specialty products company," said PPG Chairman/CEO Charles E. Bunch in a prepared statement. "This is a unique opportunity to create significant value for PPG shareholders and to share in synergies that would not be available to PPG’s commodity chemicals business on its own.”

"The combined company will be a leading integrated chemicals and building products company that we believe will benefit from significant integration and scale, a broad portfolio of downstream products, as well as the regional advantage of low-cost North American natural gas," said Georgia Gulf President/CEO Paul Carrico in a prepared statement.

Carrico will be president and CEO of the new company with current PPG commodity chemicals and Georgia Gulf employees in senior management. Georgia Gulf's new board will have eight current Georgia Gulf members and three others that include Michael H. McGarry, senior vice president of PPG's commodity chemicals business.
bizjournals.com

[richardred] Olin Corp bulks up higher-value chemicals with $328 mln buy Wed Jul 18, 201...

richardred — 7/19/2012 1:07:31 AM

Olin Corp bulks up higher-value chemicals with $328 mln buy

Wed Jul 18, 2012 12:31pm EDT

* Deal to to buy K.A. Steel Chemicals to increase bleach, hydrochloric acid capacity

* Olin says acquisition will broaden customer base

* Says will add to earnings, cash flow immediately after closing at end of Q3

July 18 (Reuters) - Chemical and ammunition maker Olin Corp struck a deal to buy privately held K.A. Steel Chemicals Inc for $328 million in cash as it shifts focus to higher-value products such as bleach, hydrochloric acid and potassium hydroxide.

The acquisition, Olin's biggest to date, will give the company the opportunity to boost sales of hydrochloric acid, which is in short supply because of strong demand from the oil and gas industry. The acid is used in hydraulic fracturing, or "fracking", to extract oil and gas from tight formations.

Olin's hydrochloric acid shipments increased 10 percent in the first quarter.

The company said the deal will also expand its bleach manufacturing capacity by about 20 percent.

Olin's McIntosh, Alabama bleach plant, which began operations in the first quarter, boosted the company's bleach-making capacity by about 15 percent and the company plans to open two more plants in the fourth quarter.

About 71 percent of Olin's 2011 sales came from its Chlor Alkali products segment, which makes chlorine, caustic soda, hydrochloric acid, bleach products and potassium hydroxide.

The company acquired PolyOne Corp's 50 percent interest in the SunBelt Chlor Alkali partnership last year.

Clayton, Missouri-based Olin said in April it expected earnings at its Chlor Alkali segment to rise in the second quarter on stronger demand for bleach and chlorine, although this would be partially offset by lower prices.

Olin increased prices for chlorine and caustic soda in the first quarter, but has said it is encountering resistance from customers. The company said the latest deal will help broaden its customer base.

LESS CYCLICAL

The acquisition increases the amount of Chlor Alkali capacity that can be sold as value-added products and will improve profitability across the economic cycle, a company executive said on a conference call with analysts.

Leading chemical companies such as Dow Chemical Co, German conglomerate BASF SE and Ashland Inc are increasing focus on specialty chemicals, demand for which tends to be resilient during economic downturns.

Cabot Corp signed a $1.1 billion deal last month to buy privately held Dutch chemical company Norit NV reduce the cyclical nature of its business.

Lemont, Illinois-based K. A. Steel distributes caustic soda and manufactures bleach. It had revenue of $435 million and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $31 million in 2011, Olin said.

Olin said it expects the deal with K.A. Steel to close by the end of the third quarter, after which it will immediately add to both its earnings and cash flow.

The company will finance the deal with cash on hand, debt and by issuing new senior notes.

Olin's shares, which have risen about 7 percent so far this year, were up 2 percent at $21.38 on Wednesday on the New York Stock Exchange.

reuters.com

[Paul Senior] Under $19 again now, and I'll start up again with a few-share buy.

Paul Senior — 5/22/2012 3:28:06 PM

[richardred] mobile.bloomberg.com

richardred — 2/17/2012 2:54:22 PM