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 sporting ammunition. 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