Core Insights - Olin Corporation has entered a long-term strategic partnership with Braskem to supply ethylene dichloride (EDC), enhancing its position in the global vinyls chain [1][7] - The partnership aims to support Braskem's transformation of its chlor-alkali and vinyl operations in Brazil, a key market for competitiveness and operational performance [1][4] - Olin's strategy focuses on leveraging its cost-advantaged EDC platform to create sustained value in high-growth regions, particularly in the Brazilian PVC market [2][4] Strategic Developments - The dissolution of the Blue Water Alliance joint venture allows Olin to redirect more EDC output into high-value relationships, enhancing strategic and financial stability [3][7] - This shift is part of Olin's broader effort to reshape its portfolio around durable, value-accretive customer relationships [3][4] - The partnership with Braskem aligns with Olin's disciplined growth strategy within its core chlor-alkali and vinyls business, aiming to improve returns and long-term value creation [4][7] Market Performance - Olin's shares have declined by 40.5% year to date, compared to a 27.3% decline in the industry [5]

Financial Performance - Westlake Chemical Corporation reported net sales of $6.936 billion and EBITDA of $1.291 billion [4] - Net income attributable to Westlake Chemical Corporation was $456 million [4] - Olefins contributed $750 million to EBITDA, representing 53% of the total, while Vinyls contributed $658 million, accounting for 47% [4] Strategic Acquisitions and Synergies - The acquisition of Axiall has created a diverse, vertically-integrated chemicals leader, enhancing margin stability and growth opportunities [7] - Westlake expects to realize $120 million in synergy savings and cost reductions in 2017, with a total of $200 million expected by 2018 [7] Ethylene and Feedstock Advantages - Westlake has a short position in ethylene, providing cost advantages in the coming years due to its all-ethane feedstock capability [11, 12] - The company's ethylene plants are fully capable of using ethane and have some NGL flexibility, with the European business (Vinnolit) providing further feedstock diversification [22] Polyethylene Product Mix - Westlake has an advantaged polyethylene product mix, with LDPE accounting for 58% and LLDPE for 42% of its capacity [24] - The company focuses on LDPE, which has a higher average margin advantage compared to other PE grades [24] PVC and Global Presence - The Axiall acquisition has given Westlake a global PVC presence with facilities in North America, Europe, and Asia [36] - Westlake/Vinnolit is a leading specialty PVC producer with a global capacity of approximately 4,000 KMT in 2016 [48]