Olin – Winchester to Acquire Ammunition Assets of AMMO, Inc

Olin Corporation (NYSE: OLN) (‘Olin’) today announced it has entered into a definitive agreement with AMMO, Inc. (NASDAQ: POWW) (‘AMMO’) whereby Olin will acquire AMMO’s small caliber ammunition manufacturing assets for a purchase price of $75 million. The transaction will be funded through available liquidity. The assets will become part of Olin’s Winchester Ammunition business.

The acquisition includes AMMO INC’s brass shellcase capabilities and their world-class, 185,000 square foot production facility located in Manitowoc, Wisconsin, constructed in 2022.

The Manitowoc facility and its employees will complement Winchester’s existing production capabilities, enabling greater specialization and broader participation across high-margin specialty calibers. Once fully integrated with Winchester’s industry-leading economies of scale and integration across the commercial ammunition value chain – from raw material sourcing, to projectiles, primers, and loading capabilities – the acquisition is anticipated to yield realized synergies of $40 million.

“The Manitowoc assets will extend Winchester’s leadership position and expand the reach and value of our near full integration,” said Brett Flaugher, President of Winchester Ammunition. “The acquired assets will enable our legacy plants to lower costs of existing high-volume products and increase our ability to participate in higher margin specialty rounds at a cost advantage.”

Ken Lane, Olin’s President and CEO, remarked, “As highlighted during our recent Investor Day, this investment continues the Winchester acquisition strategy, which began with our White Flyer acquisition in 2023, to identify and secure small bolt-on opportunities that are highly strategic and immediately accretive to Olin. We expect the Manitowoc assets to generate $15 million to $20 million of incremental adjusted EBITDA in the first year and, by the third year, we expect to have paid less than two times adjusted EBITDA.”

The transaction is subject to customary terms and closing conditions and is expected to close in the second quarter of 2025.

Live Inventory Price Checker

	Ammo Inc 9mm Ammo 124gr TMC 200rd Range Pack - 9124TMC-A200	Palmetto State Armory	$ 79.99 $ 59.99
	Ammo Inc. 9mm 124gr TMC Ammo - 50-Round Box	The Mag Shack	$ 15.99
	Ammo Inc 9mm 115gr TMC Ammo, 1,000rds - 9115TMC-FS1000	Palmetto State Armory	$ 349.99 $ 249.99
	Ammo Inc 9mm Range Pack 124 Gr TMC 200rd Box	BattleHawk Armory	$ 73.19 $ 49.99

Olin Corporation

Olin Corporation is a leading vertically integrated global manufacturer and distributor of chemical products and a leading US manufacturer of ammunition. The chemical products produced include chlorine and caustic soda, vinyls, epoxies, chlorinated organics, bleach, hydrogen and hydrochloric acid. Winchester’s principal manufacturing facilities produce and distribute sporting ammunition, law enforcement ammunition, reloading components, small caliber military ammunition and components, industrial cartridges and clay targets.

Visit www.olin.com for more information on Olin Corporation.

FORWARD-LOOKING STATEMENTS

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