NORWALK, Conn., Oct. 22 /PRNewswire/ -- Olin Corporation (NYSE: OLN) today
announced that BASF will purchase Olin's surfactants, fluids, non-urethane
polypropylene glycol and polyethylene glycol businesses located at Olin's Doe
Run facility in Brandenburg, KY.
The transaction has been approved by the boards of directors of both
companies and has passed appropriate regulatory reviews. The companies hope
to conclude the transaction by year end. Under the terms of the agreement,
Olin will also manufacture product for BASF at the Doe Run facility as part of
a supply agreement.
"This sale to BASF is part of a series of strategic initiatives that we
announced one year ago. More importantly, it represents a continuation of our
strategy to create a more focused, more profitable company, while providing
additional flexibility as we continue to explore new opportunities for
growth," said Olin Executive Vice President Michael E. Campbell, who oversees
Olin's chemical segment businesses.
Olin's surfactants are used in household, industrial and institutional
detergents and cleansers as well as in the textile and pulp and paper
industries. The company's fluids are principally used in hydraulic systems
and as flow agents in soldering applications. The polypropylene glycol and
polyethylene glycol products are primarily sold to distributors and are used
in numerous applications, including serving as carrying agents in cosmetics
and other personal care products.
This transaction is consistent with Olin's announcement in its second
quarter earnings release that it would retain the non-foam polyols businesses
at Doe Run and will continue to produce intermediate chemicals for Olin
Microelectronic Materials. Olin will also continue to own and operate the Doe
Run site. The company continues to evaluate options that could lead to the
sale or repositioning of the remaining businesses at Doe Run, which include
propylene glycol, glycol ethers and disulfonate surfactants.
A Fortune 500 company headquartered in Norwalk, CT, Olin is one of the
world's leading producers of chemicals, metals, microelectronic materials and
BASF Corporation, headquartered in Mount Olive, NJ, is the NAFTA region
member of the global BASF Group. Its diversified product mix includes
chemicals, nylon fibers, polymers, automotive coatings, colorants,
pharmaceuticals, agricultural products and vitamins.
SOURCE Olin Corporation