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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
[LOGO] Olin News
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Olin Corporation, P.O. Box 4500, 501 Merritt 7, Norwalk, CT 06856-4500
FOR IMMEDIATE RELEASE
Olin and Occidental Discontinue Partnership Negotiations;
Olin Will Resume Share Repurchase Program and
Re-affirms Previous Earnings Forecast
NORWALK, CT, October 2, 2000 -- Olin Corporation announced today that its
letter of intent to form a chlor-alkali partnership with Occidental Petroleum
Corporation has expired. Olin said that partnership negotiations have been
discontinued primarily because of regulatory issues, and certain other matters
on which the parties could not agree.
Donald W. Griffin, Olin Chairman, President and Chief Executive Officer said:
"Primarily because of certain regulatory issues and their negative impact on the
financial benefits of the partnership to Olin, Olin believed that it did not
make sense to continue discussions with Occidental. Our chlor-alkali business
has rebounded sharply from last year and further improvement next year is
likely. This performance, coupled with excellent results from our Brass and
Winchester divisions, positions us well for excellent earnings this year and in
2001."
Olin also said it would resume its share repurchase program, under which 2.2
million shares remain to be purchased. Olin's repurchase program had been
suspended during its negotiations with Occidental.
Separately, the company also confirmed that third quarter earnings per share
are forecasted to be in the same range as its second quarter diluted earnings
per share of $.52, as previously announced in July.
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Headquartered in Norwalk, CT, Olin Corporation had 1999 sales of $1.3 billion
and approximately 6,700 employees. The company is a leading North American
producer of copper and copper-based alloys, sporting ammunition and chlorine and
caustic soda.
10 X 00 -12
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 2000; competitive pricing pressures;
changes in Chlor Alkali's ECU prices from expected levels; Chlor Alkali
operating rates below current levels; higher-than-expected raw material costs;
higher-than-expected transportation and/or logistics costs; 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.
