Olin merges with Dow units, names new officers, board members
From Illinois Business Journal news services
CLAYTON, Mo. — Olin Corp. today announced the completion of plans to merge with The Dow Chemical Company’s U.S. Chlor-Alkali and Vinyl, Global Chlorinated Organics and Global Epoxy businesses.
The merger would result in Dow shareholders receiving at least a majority of the shares of Olin, with existing Olin shareholders owning the remaining shares. The transaction has been valued at up to $8 billion.
Olin Corp is a global manufacturer and distributor of chemical products and a U.S. manufacturer of ammunition, including at its plant in East Alton.
As part of the merge the company says Olin’s board of directors has elected two individuals representing Dow to serve on Olin’s board. The two new directors were designated by Dow as part of the Reverse Morris Trust transaction. Such deals combine a tax-free spinoff with a prearranged merger,
Joseph D. Rupp, Olin’s chairman and chief executive officer, said, “The complementary combination of Dow’s businesses with our business creates a world leader in chlorine-based products with significant global scale. Olin now is the largest integrated chlor-alkali producer with top-tier low-cost facilities and has significantly diversified its product and geographic base.”
Both of the new directors have extensive management and financial experience in the chemicals industry:
– William H. Weideman, 61, served as the chief financial officer and executive vice president of Dow, a diversified chemical company, from March 2010 to January 2015. Prior to that, he was appointed vice president and corporate controller in 2006 and interim chief financial officer in November 2009. During his 38 years at Dow, Weideman served in senior financial and management roles across Dow’s portfolio of businesses. He serves on the board of Sadara Chemical Co., a joint venture developed by the Saudi Arabian Oil Co. and Dow, and on the board of Central Michigan University, from which he earned a bachelor’s degree in business administration and accounting.
– Carol A. Williams, 57, served as a special advisor to the chief executive officer of Dow until early 2015. Prior to her special advisor role, she served as Dow’s executive vice president of Manufacturing and Engineering, Supply Chain and Environmental, Health & Safety Operations. During her 34 years at Dow, Williams assumed increasingly more significant management positions in research and development before becoming operations leader and then vice president for the North American chlor-alkali assets business. She serves on the board of Owens-Illinois Inc., a manufacturing company specializing in container glass products, and on the board of Carnegie Mellon University. She has a bachelor’s degree in chemical engineering from Carnegie.
Rupp also announced that four new officers have been elected to preside over the new company.
– James A. Varilek, 57, was elected executive vice president of Olin and president, Chlor Alkali Vinyls and Services. He most recently served as chief operating officer, Dow Chlorine Products; president, U.S. Chlor-Alkali & Vinyl. In this role, he led the Chlor-Alkali and Vinyl Business and organizational readiness for the Dow Chlorine Products divestiture. He holds a bachelor’s degree in economics and a master’s degree in business administration from the University of Michigan.
– Pat D. Dawson, 58, was elected executive vice president of Olin and president, Epoxy and International. He most recently was senior vice president, Dow Epoxy and Corporate Project Development where he was responsible for leading the Global Epoxy Business and driving corporate projects. Dawson holds a bachelor’s degree in agronomy and a master’s degree in agricultural economics/management from Purdue University.
– John M. Sampson, 54, was elected vice president of Olin and vice president, Manufacturing and Engineering, Chlor Alkali Vinyls, Epoxy and Global Chlorinated Organics. He most recently served as vice president, Dow Chlorine Products Operations where he led all operational aspects of the chlorine products business. He holds a bachelor’s degree in chemical engineering from Louisiana State University.
– Clive A. Grannum, 50, was elected vice president of Olin and president, Global Chlorinated Organics. He most recently served as the business president, Global Chlorinated Organics at Dow where he led all aspects of the global business. He holds a bachelor’s degree in Aerospace Engineering from Boston University and a master’s degree in management from Yale University.