Olin (NYSE:OLN) Corporation, a global leader in chemical manufacturing and a top U.S. ammunition producer, has announced an increase in its share repurchase program to $2 billion. The company's President & CEO, Ken Lane, alongside the Executive Leadership Team, presented at the 2024 investors day, where they shared updates on Olin's core businesses and strategies for long-term value creation and financial targets.
Shares of Olin gained 1.8% following the announcement
During the event, which featured formal presentations and a Q&A session, Ken Lane expressed enthusiasm about updating the investment community on the company's strategies to enhance and expand its core operations through self-help initiatives and low-capital growth projects. He highlighted Olin's commitment to delivering essential materials safely and reliably to customers while providing higher returns to shareholders. Lane underscored the company's strong market positions and a disciplined approach to capital allocation.
The newly authorized share repurchase program, referred to as the "2024 Share Repurchase Program," allows for the periodic repurchase of the company's common stock, which may occur on the open market or through privately negotiated transactions. Management will determine the specifics of the buyback, considering factors such as stock market price, market conditions, legal requirements, and other business considerations. Notably, the program is open-ended and does not set a mandatory purchase requirement for the company's shares.
As of September 30, 2024, Olin had about $0.7 billion remaining under its previous share repurchase plan, the "2022 Share Repurchase Program," which remains unaffected by the new 2024 program. The 2022 program was initially approved in July 2022 and continues to be in effect.
Olin Corporation's portfolio includes the production and distribution of a variety of chemical products such as chlorine, caustic soda, vinyls, epoxies, and more. The company's Winchester division is known for manufacturing and distributing a wide range of ammunition and related products for sporting, law enforcement, military, and industrial use.
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