Friday, Olin Corporation (OLN) announced that it has declared force majeure for chlorine, diaphragm grade caustic soda, hydrogen, hydrochloric acid, sodium hypochlorite, and sodium chloride manufactured at its McIntosh, Alabama facility until further notice. The force majeure was declared due to an unexpected equipment failure at the facility, which has caused a production shutdown.
Force Majeure excuse a party from liability if some unforseen event beyond the control of that party prevents it from performing its obligations under the contract.
The company further stated that it is working diligently to minimize the impact of these events and will work to resume production capabilities as soon as possible.
However, the company noted that this force majeure does not apply to SunBelt, a facility owned by Olin's partnership and located in McIntosh, Alabama, which remains in operation.
Olin Corp. is associated with two business segments, Chlor Alkali Products and Winchester. Chlor Alkali Products include chlorine and caustic soda, sodium hydrosulfite, hydrochloric acid, hydrogen, potassium hydroxide and bleach products. Winchester products include sporting ammunition, reloading components, small caliber military ammunition and components, and industrial cartridges.
OLN closed Friday's regular trading at $17.68, up $0.10 or0.57%, on a volume of 0.932 million shares on the NYSE.
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