Olin lifts force majeure for product shipments from Freeport, Texas
CLAYTON, Mo. — Olin Corporation announced that it is lifting the Force Majeure declared on Aug. 31 for all product shipments, except phenol, acetone, methyl chloride, methylene chloride and chloroform, from its Freeport, Texas facility.
Olin was forced to reduce production at the facility due to supply and logistic constraints from truck, railroad and marine transportation caused by severe flooding resulting from Hurricane Harvey. Olin's third quarter 2017 adjusted EBITDA will be reduced by approximately $40 MM representing incremental costs to continue operations, unabsorbed fixed manufacturing costs and reduced profit from lost sales.
Isolated transportation, raw material and customers' issues will continue to be experienced in both the Chlor Alkali Products and Vinyls and Epoxy segments into Q4 2017. The impact on Q4 2017 adjusted EBITDA is expected to be significantly less than Q3 2017 impact.
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