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Here are 1-3 brief analogies for Olin (OLN):

• For its core chemicals business: Olin is a foundational supplier of essential industrial chemicals, similar to how Linde provides critical industrial gases.
• For its ammunition business: Through its iconic Winchester brand, Olin is a leading manufacturer of ammunition, much like Gillette is known for its razor blades.

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• Chlorine: A fundamental chemical used in water treatment, PVC production, and various industrial processes.
• Caustic Soda (Sodium Hydroxide): An alkali chemical widely utilized in alumina production, pulp and paper manufacturing, and water treatment.
• Epoxy Resins: High-performance polymers used to create durable coatings, strong adhesives, advanced composites, and electrical laminates.
• Ammunition: A comprehensive range of cartridges and components for sporting, hunting, military, and law enforcement applications under the Winchester brand.
• Hydrochloric Acid: An inorganic acid primarily used in industrial cleaning, food processing, and oil and gas well stimulation.

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Olin Corporation (OLN) primarily sells its products to other companies (B2B) across a wide range of industries globally.

While Olin's 10-K filings indicate that a significant portion of its sales comes from a few major customers (e.g., its largest customer accounted for approximately 12% of consolidated net sales in 2023), the company does not publicly disclose the names of these specific customer companies due to confidentiality agreements inherent in its business relationships. This is standard practice for suppliers of commodity chemicals and industrial products.

Therefore, instead of specific customer company names, below are the major categories of industries and types of customers that Olin serves through its three primary business segments:

Chlor Alkali Products and Vinyls (CAV)

• Chemical and Petrochemical Industry: Customers who utilize chlorine, caustic soda, and various derivatives as fundamental raw materials in their own chemical production processes. These include manufacturers of PVC (polyvinyl chloride), ethylene dichloride, and other organic and inorganic chemicals.
• Manufacturing and Industrial Sector: Companies involved in a diverse range of manufacturing activities, including pulp and paper production, water treatment, aluminum processing, production of detergents and soaps, textiles, and various other industrial applications that require basic chemicals.

Epoxy

• Coatings and Adhesives Manufacturers: Companies that produce protective coatings, industrial paints, and various types of adhesives for construction, automotive, marine, and general industrial applications.
• Electronics and Electrical Sector: Manufacturers using epoxy resins in circuit boards, encapsulants, and other components for electronic devices and electrical insulation systems.
• Aerospace, Automotive, and Wind Energy Industries: Companies that utilize high-performance epoxy materials for lightweight composites, structural components, and advanced applications requiring durability, strength, and chemical resistance.

Winchester

• U.S. Government and Military: Direct sales of small caliber ammunition for defense and training purposes to various branches of the U.S. government and military.
• Law Enforcement Agencies: Sales to federal, state, and local law enforcement agencies for duty and training.
• Commercial Distributors and Retailers: Companies that distribute and sell ammunition to the civilian market, which includes individual consumers (hunters, sport shooters, recreational shooters) through various retail channels (sporting goods stores, gun shops, and large national retailers). While the ultimate end-user is often an individual, Olin's direct customers in this channel are typically businesses.

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Kenneth T. Lane, President and Chief Executive Officer

Kenneth T. Lane was appointed Olin's President and Chief Executive Officer and a Director in March 2024. He possesses an extensive background in the plastics, chemicals, and refining industry, with over 30 years of experience. Prior to joining Olin, Mr. Lane held leadership roles at LyondellBasell, where he served as Executive Vice President of Global Olefins and Polyolefins and as interim CEO. He also spent 13 years at BASF, holding senior executive positions across various divisions, including Global Polyurethanes, Monomers, and Catalysts. Earlier in his career, he held operations, strategy, commercial, and technical roles at BP Chemicals and Amoco Chemical Corporation. His international experience spans the United States, Malaysia, the United Kingdom, China, and Belgium. Mr. Lane holds a Bachelor of Science in civil engineering from Clemson University and a Master of Science in management from the University of Alabama in Huntsville.

Todd Slater, Senior Vice President and Chief Financial Officer

Todd Slater serves as Olin's Senior Vice President and Chief Financial Officer. He is responsible for leading the company's Audit, Taxes, Investor Relations, Financial Planning & Analysis, and Environmental Remediation departments. Mr. Slater joined Olin in 2002 following Olin's acquisition of Chase Brass. During his tenure at Olin, he has held positions including Vice President & Financial Officer for the Metals Group, Operations Controller, Vice President and Controller, and Vice President and CFO in 2014, before being appointed to his current role in 2022. His career began at Price Waterhouse, and at Chase Brass, he served as Controller, Treasurer and Corporate Secretary, eventually advancing to Vice President and Chief Financial Officer. Mr. Slater holds a Bachelor of Science in Mathematics and Accounting from Hillsdale College and is a Certified Public Accountant (CPA).

Angela Castle, Vice President and Chief Legal Officer

Angela Castle is set to become Olin's Vice President and Chief Legal Officer effective March 1, 2025. Prior to this appointment, she served as Vice President & General Counsel for North America. Before joining Olin, Ms. Castle was Senior Counsel at LyondellBasell from June 2010 to September 2017.

Deon Carter, Vice President and President, Chlor Alkali Products & Vinyls

Deon Carter was appointed Vice President and President, Chlor Alkali Products & Vinyls, effective June 17, 2024.

Brett Flaugher, Vice President and President, Winchester

Brett Flaugher serves as Olin's Vice President and President of the Winchester division.

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The key risks to Olin Corporation's business include:

1. Weak market demand, intense competition, and cyclicality in core chemical and ammunition segments: Olin faces significant challenges from declining demand for chlorine derivatives and in the epoxy sector, leading to a downgrade by Citigroup. The Epoxy segment, which focuses on resins for paints and coatings, also struggles with persistent competition from cheaper Asian products, which has squeezed margins. Additionally, the Winchester ammunition segment is experiencing substantial headwinds due to weak consumer spending, retailer destocking, and higher costs, with a meaningful recovery not expected until 2026. The chemical industry itself is subject to demand fluctuations and global overcapacity, particularly from high-cost Asian producers, which further pressures Olin's profitability and margins. The Chlor Alkali business, a major segment, is also highly cyclical, leading to significant variations in its contribution to earnings.
2. Financial distress and high leverage: Olin's financial health presents a mixed picture with several areas of concern. The company's Altman Z-Score indicates financial distress, implying a possibility of bankruptcy within the next two years. Olin also carries a high debt-to-equity ratio and has been issuing new debt. Furthermore, its interest payments are not well covered by earnings, and its quick ratio points to potential short-term liquidity issues.

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Olin Corporation (OLN) operates in three main business segments: Chlor Alkali Products and Vinyls, Epoxy, and Winchester Ammunition. The addressable markets for these products are as follows:

• Chlorine: The global chlorine market size was valued at approximately USD 52.94 billion in 2024 and is projected to reach USD 69.97 billion by 2032. Asia Pacific held the largest market share in 2024. North America is estimated to account for 33.6% of the global market share in 2025.

• Caustic Soda (Sodium Hydroxide): The global caustic soda market size was calculated at USD 47.99 billion in 2025 and is predicted to increase to approximately USD 74.01 billion by 2034. Asia Pacific dominated the global caustic soda market with the largest market share of 53.2% in 2024.

• Epoxy: The global epoxy resin market size was valued at approximately USD 12.33 billion in 2025 and is predicted to increase to about USD 20.31 billion by 2034. Asia Pacific made up 59.57% of the revenue share in 2024.

• Ammunition: The global ammunition market size was valued at USD 25.8 billion in 2024 and is estimated to reach USD 36.1 billion by 2033. North America holds the largest market share, accounting for over 41% in 2024.

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Here are 3-5 expected drivers of future revenue growth for Olin (OLN) over the next 2-3 years:

1. Improved Pricing and Demand in Chlor Alkali Products: Olin anticipates improvements in caustic soda prices due to tighter supply conditions, which is expected to positively impact margins and revenue. The Chlor Alkali Products and Vinyls segment, which contributes over 56% of Olin's revenue, is projected to benefit from growing demand for water treatment and a general expansion of the chemical industry. Management has expressed confidence in future demand growth for chlor alkali, and the company's strategic actions, such as idling assets in weak markets, are aimed at improving pricing power and overall segment performance.
2. Growth in Epoxy Formulated Solutions and Volumes: Despite broader market challenges, Olin's Epoxy segment has shown sequential and year-over-year improvements in sales and volumes. Management is optimistic about cost control and growth in formulated solutions product lines within the Epoxy division, indicating a strategic focus on higher-value offerings. The segment saw a 23% increase in sales in Q3 2025, highlighting robust product demand in specific areas.
3. Strong Military and Law Enforcement Sales in Winchester: While commercial ammunition sales have faced headwinds, Olin's Winchester segment continues to experience robust demand from military and law enforcement customers. Strategic actions like the acquisition of AMMO Inc.'s assets for $56 million and a three-year contract extension for operating the Lake City Ammunition facility through 2030 are expected to deliver high returns and contribute to revenue growth in this segment.
4. Strategic Expansion and Optimization in Chlor Alkali Products and Vinyls: Olin is focused on optimizing its core businesses through self-help initiatives and low-capital growth projects. This includes the development of PVC tolling initiatives to broaden its product and customer portfolio, leveraging its integrated VCM asset. Additionally, a new supply agreement for European production starting in January 2026 is expected to provide an annual adjusted EBITDA benefit, suggesting potential for revenue growth through improved market position and economics.
5. Implementation of Commercial Price Increases: To mitigate higher commodity and metals costs, Olin plans to issue commercial price increases, specifically noted for the Winchester segment in the third quarter of 2025. Such price adjustments, when successfully implemented, can directly contribute to revenue growth.

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Share Repurchases

• Olin repurchased approximately $1.351 billion in shares in 2022, $711.3 million in 2023, and $300.3 million in 2024.
• During the third quarter of 2025, Olin repurchased approximately 0.5 million shares of common stock at a cost of $10.1 million.
• As of September 30, 2025, Olin had approximately $2.0 billion available under its share repurchase authorizations.

Outbound Investments

• In the second quarter of 2025, Olin acquired AMMO, Inc.'s small-caliber ammunition assets, including its Manitowoc, Wisconsin facility, for $75 million.
• This acquisition is expected to generate $40 million in cost savings and $15–$20 million in incremental EBITDA in its first year.

Capital Expenditures

• In 2024, Olin invested $375 million in capital expenditures primarily to improve operational efficiency and expand production capabilities.
• Expected capital spending for 2025 is projected to be between $200 million and $220 million, which is slightly above 2024 levels.
• A primary focus of capital expenditures is to fund sustaining capital spending to maintain the safe and reliable operation of Olin's assets.