Olin Corp. To Buy Pioneer Corp.

1 decade 5 months 21 hours ago Monday, May 21 2007 May 21, 2007 Monday, May 21, 2007 1:40:58 PM CDT May 21, 2007 in News
Source: (Copyright 2007 The Associated Press All Rights Reserved.)
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CLAYTON (AP) - Shares of Pioneer Companies Incorporated jump more than 16% this afternoon on news that the chemical maker is being purchased by rival Olin Corporation. Olin, based in suburban St. Louis, will pay $35 per share, making the deal worth $416 million. The purchase will create a large supplier of products used in water treatment and a variety of industrial segments. Olin expects the deal to add to earnings immediately and generate $35 million in annual cost savings. Shareholders and regulators must still approve the deal, which is expected to close in the second half of this year. Boards of directors for both companies have already given the deal their blessing. No word yet on whether jobs will be impacted.

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