Olin Corp., the parent of Winchester, announced that its Board of Directors approved a new $1.0 billion share repurchase program.
Under the 2021 Share Repurchase Program, shares of its common stock can be repurchased periodically, including in the open market or privately negotiated transactions.
“With our solid balance sheet and strong cash flow, the company is well-positioned to execute on this attractive opportunity to invest in Olin,” said Scott Sutton, Olin chairman, president and CEO. “This new program reflects our confidence in Olin’s future earnings and cash flow generation and is consistent with our broader capital allocation strategy to maximize shareholder value in the coming years.”
On September 30, 2021, Olin Corp. had remaining authorization to repurchase approximately $236 million of its common stock under its existing stock repurchase plan approved in April 2018. The authorization remaining available under the 2018 Share Repurchase Program is not affected by the authorization of the 2021 Share Repurchase Program.
The 2021 Share Repurchase Program has no time limit and does not obligate the company to acquire any particular amount of shares of the company’s common stock.
Separately, Olin announced the commencement of a tender offer to purchase for cash, up to $350 million aggregate purchase price of its outstanding 9.500 percent senior notes due 2025.
Olin Corporation is a vertically-integrated global manufacturer and distributor of chemical products and a U.S. manufacturer of ammunition. The chemical products it manufacturers include chlorine and caustic soda, vinyls, epoxies, chlorinated organics, bleach, and hydrochloric acid.
Winchester’s principal manufacturing facilities produce and distribute sporting ammunition, law enforcement ammunition, reloading components, small caliber military ammunition and components, and industrial cartridges.
Photo courtesy Winchester
