02.22.2008 2:08 pm
Olin’s stock drops after chemical production cutback
Clayton-based Olin Corp.’s stock price fell about 12 percent Friday in trading on the New York Stock Exchange, a day after the company announced it could only supply its caustic soda customers with 70 percent of their orders for an undetermined time.
The company’s stock dropped as low as $18.33 as of 2 p.m. Friday after opening at $20.76.
After Thursday’s announcement, the company declined to comment on the financial impact. About two-thirds of Olin’s sales come from its chlor-alkali division, where caustic soda is made, while the other third comes from its Winchester ammunition division.
Click here for more details about Olin’s Thursday announcement.
