On March 21, epoxy resin supplier Olin announced that it would stop the operation of its Cumene plant in Terneuzen, the Netherlands, and also stop the production of solid epoxy resin at its plants in Gumi, South Korea, and Guaruja, Brazil. Olin first quarter 2023 results are expected to include approximately $57 million of restructuring charges related to these programs, of which approximately $15 million of restructuring charges are non-cash asset impairment charges. The cash portion of these charges is expected to be paid over the next three years.
Olin’s Chairman, President and Chief Executive Officer Scott Sutton
said: “This is another step in right-sizing our global epoxy resin assets to the most cost-effective asset base to support our strategic operating model. Our epoxy resin business continues to experience weak global epoxy resin demand and oversupply. Olin will continue to consider “additional actions to right-size the business to achieve reinvestment economics in our epoxy portfolio. ”
It is not the first time that Olin has shut down the epoxy resin factory. In 2022, Olin’s epoxy resin business revenue will decline, and related businesses will continue to reduce production. In the first half of March, the comprehensive epoxy resin production at the Stade plant in Germany was stopped, and other The production of epoxy resin and related upstream raw materials in Freeport, Texas and Guaruja, Brazil factories resumed production in May of the same year.
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