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EXHIBIT 99.1
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Investor Contact: Richard E. Koch
(203) 750-3254
Press Contact: Thomas J. Fitzgerald
(203) 750-3831
Olin News
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Olin Corporation, P.O. Box 4500, 501 Merritt 7, Norwalk, CT 06856-4500
FOR IMMEDIATE
RELEASE
Olin, Union Unable to Agree on New Labor Contract
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NORWALK, CT, December 4, 2000 - Olin Corporation (NYSE: OLN) announced
today that the company and the International Association of Machinists &
Aerospace Workers District #9 were unable to agree on a new labor contract for
approximately 2,700 Brass and Winchester division hourly paid employees at
Olin's East Alton, Illinois facility. The union voted to strike effective at the
expiration of the previous contract at midnight December 3.
The union has not shared information regarding specific issues that
resulted in the turndown, so it is premature on the company's part to speculate
on reasons for the negative vote.
Four other bargaining units representing almost 450 hourly paid employees
did sign new five-year contracts with Olin. Those ratifying the contract are the
Western Employees Trades Council, the International Brotherhood of Electrical
Workers Local #649, the United Association of Journeymen & Apprentices of the
Plumbing and Pipefitting Industry Local #553, and the International Chemical
Workers. The new agreements are effective December 4, 2000 and replace contracts
in effect since December 4, 1995.
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Even though some union members have decided to strike, the plant will
remain open and work will be available to all employees who report to work.
Headquartered in Norwalk, CT, Olin Corporation had 1999 sales of $1.3
billion and approximately 6,700 employees. The Olin East Alton facility is
headquarters for the company's Brass and Winchester divisions. It is also the
largest single plant location in the company with approximately 4,000 union and
non-union employees. In 1999, Brass and Winchester sales were approximately $1.0
billion. Olin Corporation is a leading North American producer of copper and
copper-based alloys, sporting ammunition and chlorine and caustic soda.
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Except for historical information contained herein, the information set forth in
this communication contains forward-looking statements that are based on
management's beliefs, certain assumptions made by management and current
expectations, estimates and projections about the markets and economy in which
Olin and its respective divisions operate. Words such as "anticipates,"
"expects," "believes," "should," "plans," "will," "estimates," and variations of
such words and similar expressions are intended to identify such forward-looking
statements. These statements are not guarantees of future performance and
involve certain risks, uncertainties and assumptions ("Future Factors") which
are difficult to predict. Therefore, actual outcomes and results may differ
materially from what is expected or forecasted in such forward-looking
statements. Olin does not undertake any obligation to update publicly any
forward-looking statements, whether as a result of future events, new
information or otherwise. Future Factors which could cause actual results to
differ materially from those discussed include but are not limited to: general
economic and business and market conditions, lack of moderate growth in the U.S.
economy or even a slight recession in any period or year; competitive pricing
pressures; changes in Chlor Alkali's ECU prices from expected levels; Chlor
Alkali operating rates below anticipated levels; higher-than-expected raw
material costs; higher-than-expected transportation and/or logistics costs; a
protracted work stoppage in connection with collective bargaining negotiations
with labor unions; a downturn in any of the markets Olin serves such as
electronics, automotive, ammunition and housing; the supply/demand balance for
Olin's products, including the impact of excess industry capacity; efficacy of
new technologies; changes in U.S. laws and regulations; failure to achieve
targeted cost reduction programs; capital expenditures, such as cost overruns,
in excess of those scheduled; environmental costs in excess of those projected;
and the occurrence of unexpected manufacturing interruptions/outages.
