Olin Corporation (OLN): Business Model Canvas [Dec-2025 Updated]

You're looking to understand how Olin Corporation, a company balancing essential industrial chemicals with the legendary Winchester ammunition business, actually makes its money, right? After two decades analyzing complex industrial plays, I can tell you their model is fascinatingly dual-pronged. We're breaking down the Business Model Canvas to show you exactly how they prioritize margin over volume in their Chlor Alkali division-which brought in $979.5 million in Q2 2025-while simultaneously managing the steady, government-backed revenue from Lake City Ammunition. If you want the precise breakdown of their key resources, like that $1.4 billion liquidity buffer, and how they plan to keep those Electrochemical Unit (ECU) margins disciplined, dive into the nine building blocks below.

Olin Corporation (OLN) - Canvas Business Model: Key Partnerships

You're looking at how Olin Corporation structures its external relationships to support its integrated chemical and ammunition manufacturing. These partnerships are crucial for managing commodity exposure, securing market access, and fulfilling government obligations. Here's the breakdown of the key players as of late 2025.

Olin Corporation's overall financial context in late 2025 shows a return to profitability, with Q3 2025 sales reaching $1,713.2 million and net income of $42.8 million, though the company still carries net debt of approximately $2,850.0 million as of the end of Q3 2025.

Strategic Alliances and Supply Agreements

Olin Corporation is actively reshaping its Vinyls business through deliberate partnership changes, moving away from pure merchant trading toward structural, long-term supply arrangements. This is evident in the dissolution of one major joint venture and the establishment of a new, long-term supply deal.

• Expanded bleach distribution with K2 Pure Solutions in the Western U.S., announced on June 30, 2025, aims to improve supply reliability and reduce the transportation of railcar chlorine through localized production.
• Strategic relationship with Mitsui & Co., Ltd. involves the mutual agreement to dissolve the Blue Water Alliance (BWA) trading joint venture by the end of 2025, allowing Olin to reduce exposure to the volatile merchant Ethylene Dichloride (EDC) market.
• Olin and Mitsui & Co., Ltd. intend to continue collaborating on select strategic opportunities under a more flexible, non-equity framework moving forward.
• New partnership with Braskem to support the vinyls business growth involves a long-term agreement for Olin to supply EDC, leveraging Olin's cost advantage in the growing Brazilian PVC market.
• The Braskem deal allows Olin to redirect EDC volumes previously handled by the dissolved BWA into a higher-value, structural relationship.

Here's a look at the key structural agreements and their context:

Partner Entity	Agreement Type/Focus	Key Metric/Date
Braskem	Long-term EDC supply agreement for Brazilian PVC market.	Agreement executed in November 2025.
Mitsui & Co., Ltd.	Dissolution of Blue Water Alliance (BWA) JV.	Mutual decision to conclude by end of 2025.
K2 Pure Solutions	Expansion of exclusive bleach distribution network.	Expansion announced June 30, 2025, covering California and Western U.S.
U.S. Government	Operation, maintenance, and modernization of LCAAP.	Operational control assumed October 1, 2020; contract options extend to September 27, 2029.

U.S. Government and Defense Contracts

Olin Winchester, LLC, maintains a critical partnership with the U.S. Government through its operation of the Lake City Army Ammunition Plant (LCAAP) in Independence, Missouri. This is a government-owned, contractor-operated facility providing small-caliber military ammunition.

The relationship involves more than just operation; it includes modernization efforts. One specific Statement of Work (SOW) for upgrading a 5.56MM SCAMP Primer Safe Pack Unloader (SPU) system at LCAAP is associated with an award amount of $250.0 Million.

Winchester is reported as the largest supplier of small-caliber ammunition to the U.S. military.

Raw Material Supply Chain Management

Managing the cost volatility of key inputs is a constant focus, which Olin addresses through financial hedging strategies rather than direct long-term supply contracts for all materials mentioned.

Olin Corporation uses commodity derivative contracts to manage exposure to price fluctuations for certain raw materials and energy inputs. These contracts are valued as Level 2 under the fair value measurements hierarchy.

• Inputs hedged include copper, ethane, electricity, and natural gas.
• The Winchester segment, in particular, noted higher raw material costs impacting Q3 2025 earnings.
• Copper prices showed significant movement in 2025, rising from approximately $4 a ton to well over $5.50 a ton during the second and third quarters due to tariff threats.

If onboarding takes 14+ days, churn risk rises.

Finance: draft 13-week cash view by Friday.

Olin Corporation (OLN) - Canvas Business Model: Key Activities

You're analyzing Olin Corporation's core operational engine, the activities that drive its unique position as a chemical and ammunition powerhouse. These aren't just tasks; they are the processes that translate resources into the specific value Olin offers its customers.

Manufacturing and distributing essential chemicals (chlorine, caustic soda) form the foundation of the Chlor Alkali Products and Vinyls (CAPV) segment. This activity involves managing complex, capital-intensive production assets.

• Chlor Alkali Products and Vinyls segment sales reached $979.5 million in the second quarter of 2025, an increase from $920.3 million in the second quarter of 2024.
• Segment earnings for CAPV in Q2 2025 were $64.9 million.
• The segment's sales increase in Q2 2025 was primarily due to higher volumes, though partially offset by lower pricing, particularly ethylene dichloride (EDC).

Olin Corporation executes its 'Value Creation Strategy' to prioritize margin over volume across its operations. This means carefully managing operating rates and pricing discipline rather than chasing every order.

• The company remains committed to its value-over-volume strategy.
• This strategy is part of the 'Optimize the Core' pillar, focusing on core business optimization.

A distinct key activity is operating the government-owned Lake City small caliber ammunition facility through the Winchester division. This involves high-security, specialized manufacturing under contract.

Facility Activity Detail	Metric/Capacity
Contract Basis for Operation	10-year contract with the U.S. Army
New 6.8mm Facility Size	450,000 square-foot advanced production facility
Projected 6.8mm Annual Production (Cases)	385 million
Projected 6.8mm Annual Production (Projectiles)	490 million

To counter market pressures, Olin is heavily focused on implementing the 'Beyond250' structural cost reduction program. This is a multi-year effort to embed efficiency across the organization.

• The overall target for 'Beyond250' is achieving over $250 million in structural cost savings by 2028.
• The target for annualized run-rate savings to be achieved by year-end 2025 was accelerated to a range of $70 million to $90 million.
• The 2025 savings target was also stated as an elevated goal of $50 million to $70 million.
• The program includes right-sizing CAPV and Epoxy manufacturing facilities and accelerating a performance-driven culture.

Finally, managing complex global logistics for chemical and ammunition products is crucial, evidenced by the cash flow generated to manage the business.

• Operating cash flow in Q2 2025 was $212.3 million.
• Total sales for the second quarter of 2025 were $1,758.3 million.
• Net debt at the end of Q2 2025 was approximately $2.8 billion.

Finance: draft 13-week cash view by Friday.

Olin Corporation (OLN) - Canvas Business Model: Key Resources

You're looking at the hard assets and foundational capabilities that let Olin Corporation operate across chemicals and ammunition. These aren't just line items; they are the scale and brand equity that define their competitive moat.

The core of the chemical side is its massive, integrated production base. Olin Corporation holds the title of the largest capacity of any chlor alkali and chlorine derivatives producer globally. [cite: 4, 8 from this search] This scale is underpinned by specific capacities, such as an annual production of 3.5 million metric tons of chlorine and 3.2 million metric tons of caustic soda, which serve essential industries. [cite: 2 from this search] This vertical integration is a key differentiator, allowing Olin to manage its supply chain for chlorine and its derivatives.

The ammunition side is anchored by the globally recognized Winchester brand and its associated intellectual property. This resource translates directly into sales figures; for example, Winchester segment sales reached $447.6 million in the second quarter of 2025, contributing segment earnings of $25.0 million in that same period. [cite: 5, 4 from previous search] Even with commercial headwinds, third quarter 2025 sales were $439.6 million, with segment earnings at $19.3 million. [cite: 9 from this search]

Financial strength, though subject to market cycles, is a necessary resource. Olin Corporation reported available liquidity of approximately $1.4 billion as of the end of the second quarter of 2025. [cite: 2, 6 from previous search] The cash balance on June 30, 2025, specifically stood at $223.8 million. [cite: 2, 4, 5 from previous search] The company also has a significant global footprint supporting its operations.

The global network of manufacturing plants is extensive, employing 7,700 professionals across more than 15 countries. [cite: 6 from previous search] This network includes specialized facilities like the Stade Epoxy facility in Germany. Operations at Stade have been a focus for cost management, with turnaround-related expenses impacting Q2 2025 results by $10 million; however, structural cost reductions from this facility are expected to materialize in 2026. [cite: 7 from previous search, 6, 9 from this search]

Long-term contractual agreements lock in significant, stable revenue streams, especially for the Winchester segment. A prime example is the contract for operating the Lake City Ammunition facility, which has an initial term of seven years and may be extended by the U.S. Army for up to three additional years, supporting the timeline mentioned through 2030. [cite: 12, 15, 17, 18, 19 from previous search] This government partnership is a bedrock for a portion of the ammunition business.

Here's a quick view of the scale and recent financial markers for these key resources:

Resource Component	Metric/Value	Period/Context
Chlorine Capacity	3.5 million metric tons (Annual)	2025 Context [cite: 2 from this search]
Available Liquidity	Approximately $1.4 billion	As of Q2 2025 [cite: 2 from previous search]
Winchester Sales	$447.6 million	Q2 2025 [cite: 5 from previous search]
Lake City Contract Term	Initial 7 years + up to 3 additional years	Extension potential through 2030 [cite: 12 from previous search]
Global Footprint	7,700 professionals in over 15 countries	Current Operations [cite: 6 from previous search]

The company also targets significant cost savings, with the Beyond250 structural cost reduction program aiming for a run rate benefit of $70 million to $90 million by the end of 2025. [cite: 6 from previous search]

You should review the capital allocation priorities, as management indicated a focus on maintaining the investment-grade balance sheet, though share repurchases were prioritized over debt reduction in Q3 2025. [cite: 6 from previous search, 10 from this search]

Finance: draft 13-week cash view by Friday.

Olin Corporation (OLN) - Canvas Business Model: Value Propositions

Olin Corporation provides a value proposition centered on its position as a leading vertically integrated global manufacturer and distributor of essential chemicals and a major U.S. ammunition producer.

Reliable supply of essential industrial chemicals (chlorine, caustic soda).

Olin Corporation is the world's largest chlorine producer and a leading global supplier of membrane caustic soda. This segment, Chlor Alkali Products and Vinyls, represented 55% of Olin's 2024 sales. For the third quarter of 2025, this segment generated sales of $924.0 million, with segment earnings reaching $127.6 million. Even with steep ethylene dichloride (EDC) price declines of over 50% year-to-date through Q2 2025, North American Chlorine index values remained stable and higher than any prior trough in Q2 2025, reflecting the value preservation strategy. The global chlor-alkali market is projected to reach $98.10 billion by 2025.

High-performance epoxy resins for specialized coatings and composites.

The Epoxy segment, which accounted for 20% of Olin's 2024 sales, delivered Q3 2025 sales of $349.6 million, driven by higher volumes. The segment posted a loss of $32.2 million in Q3 2025, an improvement from the $42.8 million loss in Q3 2024. The global epoxy resin market is expected to grow at a 6.40% CAGR from 2025 to 2034.

Trusted, high-quality small caliber ammunition for military and commercial use.

The Winchester segment contributed 25% to Olin's 2024 sales and is a premier U.S. manufacturer. Q3 2025 sales for Winchester were $439.6 million, with segment earnings of $19.3 million. Winchester holds a 22.3% domestic market share in small caliber ammunition. The segment secured a three-year contract extension for operating the Lake City Ammunition facility through 2030. Furthermore, Olin completed the acquisition of AMMO Inc.'s ammunition assets for $56 million in 2025. The global ammunition market is expected to reach $30.29 billion in 2025.

Vertical integration reducing supply chain risk and raw material costs.

Olin Corporation's business model is characterized by significant vertical integration across its chemical manufacturing. This integration is crucial for managing its processes and ensuring a stable supply chain. The company is actively pursuing structural cost reductions through its 'Beyond250' initiative, targeting over $250 million in savings by 2028. For 2025, the expected run-rate cost savings are between $70 million and $90 million. The Hidrogenii joint venture, operational in Q2 2025, is expected to provide approximately $15-$20 million in adjusted EBITDA annually from 2026-2028 via the Section 45V clean-hydrogen credit.

Commitment to a value-first commercial approach for stable ECU margins.

The company's disciplined commercial strategies aim to preserve value, even during trough demand conditions. For the first quarter of 2025, Olin expected its ECU (Electrochemical Unit) values to be comparable with the fourth quarter of 2024 as a result of this strategy. The company generated over $212 million in operating cash flow in Q2 2025, supporting financial resilience.

Here are the segment sales and earnings for the first three quarters of 2025:

Segment	Q1 2025 Adjusted EBITDA (Range)	Q2 2025 Sales (Millions USD)	Q2 2025 Adj. EBITDA (Millions USD)	Q3 2025 Sales (Millions USD)	Q3 2025 Net Income (Millions USD)
Chlor Alkali Products and Vinyls	Implied within $150M-$170M range	$979.5	Implied contribution to $176.1M total	$924.0	$127.6 (Earnings)
Epoxy	Implied within $150M-$170M range	$331.2	Implied contribution to $176.1M total	$349.6	($32.2) (Loss)
Winchester	Implied within $150M-$170M range	$447.6	Implied contribution to $176.1M total	$439.6	$19.3 (Earnings)

Overall company financial metrics as of late 2025:

• Trailing 12-month revenue as of September 30, 2025: $6.79 billion.
• Market Capitalization as of September 30, 2025: $2.86 billion.
• Net Debt as of June 30, 2025: Approximately $2.8 billion.
• Net Debt to Adjusted EBITDA ratio as of June 30, 2025: 3.9 times.
• Cash balance on June 30, 2025: $223.8 million.
• Q3 2025 Net Income: $42.8 million.
• Q3 2025 Adjusted EBITDA: $222.4 million.

Olin Corporation (OLN) - Canvas Business Model: Customer Relationships

You're looking at how Olin Corporation manages its diverse customer base across chemicals and ammunition as of late 2025. For the industrial chemical side, Olin Corporation relies on a dedicated direct sales force to manage relationships with large industrial chemical customers, ensuring a steady flow of essential materials like chlorine and caustic soda.

The Winchester segment, which handles ammunition, interacts with customers through different channels. For commercial sales, the model is transactional, dealing with mass merchants and retailers. However, the defense side maintains high-volume, long-term relationships, evidenced by the continued operations at the Lake City U.S. Army Ammunition Plant, which Olin Winchester operates, and the work on the Next Generation Squad Weapon (NGSW) ammunition facility construction for the U.S. Army.

Here's a quick look at the revenue distribution across these customer-facing segments for the third quarter of 2025:

Segment	Q3 2025 Sales (Millions USD)	Primary Customer Focus
Chlor Alkali Products and Vinyls	$924.0	Large Industrial Chemical Customers
Winchester (Ammunition)	$439.6	Government, Commercial Retailers/Mass Merchants
Epoxy	$349.6	Industrial/Formulated Solutions Customers

The core relationship driver for the chemical businesses is the disciplined commercial strategy focused on maximizing Electrochemical Unit (ECU) value. Management's commentary in Q3 2025 confirmed this focus, noting efforts to preserve ECU values despite what was described as the seventh quarter in a row of trough demand conditions for chemicals. This value-first approach guides how Olin Corporation engages with its industrial partners.

For the ammunition business, this value focus translates into specific actions, such as Winchester issuing a Q3 commercial price increase to mitigate higher commodity and metals costs. Furthermore, strategic bolt-on acquisitions, like the April 2025 purchase of small caliber ammunition manufacturing assets, are intended to expand reach into higher-value commercial and international military calibers, with an expected addition of $5 million in incremental adjusted EBITDA in the latter half of 2025.

Investor communications are tightly linked to this operational discipline, emphasizing a clear capital allocation framework. The focus is squarely on disciplined capital allocation and cash generation. You can see this commitment reflected in the balance sheet management; Olin Corporation ended Q3 2025 with a net debt to adjusted EBITDA ratio of 3.7 times. The company also continued its return of capital, repurchasing approximately 0.5 million shares of common stock at a cost of $10.1 million during the third quarter. Olin Corporation maintains a long-term commitment to shareholders, boasting an impressive 52-year streak of maintaining dividend payments, with the current yield sitting at 3.35%. If onboarding new initiatives takes longer than expected, cash flow targets could shift, defintely something to watch.

• Winchester was awarded a three-year contract extension to operate the Lake City GOCO ammunition facility through 2030.
• The company anticipates its Beyond250 cost savings project will result in $70 million to $90 million in annualized run-rate savings by the 2025 year-end.
• Q3 2025 Adjusted EBITDA was $222.4 million, a significant improvement from the $45.3 million segment earnings reported by Chlor Alkali Products and Vinyls in Q3 2024.

Finance: draft 13-week cash view by Friday.

Olin Corporation (OLN) - Canvas Business Model: Channels

Olin Corporation channels its products through a mix of direct engagement and established third-party networks across its chemical and ammunition segments. As of late 2025, the company's trailing twelve-month revenue stood at approximately $6.79 Billion USD as of September 30, 2025.

The Chlor Alkali Products and Vinyls segment, which relies heavily on these channels, posted sales of $924.0 million in the third quarter of 2025. This segment's strategy involves leveraging its integrated position globally.

Channel/Segment Focus	Latest Quarterly Sales (Q3 2025)	Key Strategic Channel Activity
Chemical Products (Direct & Global Distribution)	$924.0 million (Chlor Alkali & Vinyls)	Executed a long-term Ethylene Dichloride (EDC) supply agreement with Braskem in November 2025, advancing its global vinyls strategy.
Ammunition (Commercial/Retail)	Commercial sales contributed to a segment earning of $19.3 million (Q3 2025)	Commercial customers continue to work down elevated inventories, leading to lower commercial ammunition sales.
Ammunition (Military/Law Enforcement)	Military sales contributed to Q3 2025 segment sales of $439.6 million (Winchester)	Secured a contract extension for operating the Lake City Ammunition facility through 2030.
PVC Resin (New Domestic Market)	First sales realized in Q1 2025.	Entry via an EDC tolling agreement, which is estimated to potentially add $50M+ in annual EBITDA if scaled.

For its core chemical products, Olin Corporation utilizes a direct sales force alongside a global distribution network. This is being refined as the company dissolves its Blue Water Alliance joint venture with Mitsui & Co., Ltd. by the end of 2025, signaling a shift away from the volatile merchant EDC market toward longer-term, contract-based supply.

The distribution of caustic soda and bleach products is being enhanced regionally. Olin Corporation expanded its strategic partnership with K2 Pure Solutions to strengthen bleach distribution across California and the Western United States, aiming to improve supply reliability and reduce railcar chlorine transportation. This move supports the goal of upgrading the value of Olin EDC.

The Winchester ammunition segment serves different customer types through distinct channels. You see the split clearly in the third quarter 2025 results:

• Military and Law Enforcement: Demand is described as robust, driving sequentially higher military project sales.
• Commercial Customers: Demand is weak due to retailer destocking, leading to lower commercial ammunition pricing and shipments.

Olin Corporation is actively managing its commercial channel by acquiring assets to bolster its position. The acquisition of AMMO, Inc.'s ammunition assets for $56 million in Q2 2025 is expected to enable broader participation in high-margin specialty calibers.

The new domestic PVC resin market entry is a key channel development for the Chlor Alkali Products and Vinyls segment. This entry, achieved through an EDC tolling agreement starting in the first quarter of 2025, allows Olin to upgrade its EDC capacity. The company expects continued pricing pressure on EDC in the near term, but the PVC initiative is designed to create higher value from this asset.

Finance: draft 13-week cash view by Friday.

Olin Corporation (OLN) - Canvas Business Model: Customer Segments

You're looking at the core groups Olin Corporation serves, which directly ties to how they structure their three main operating segments. Honestly, the data we have is segmented by product line, so we'll map those segments to the customer types you listed, which is the best way to represent this for late 2025.

The Chlor Alkali Products and Vinyls (CAPV) segment is a major revenue driver, serving industrial customers. For the third quarter of 2025, this segment generated sales of $924.0 million. This revenue stream supports industrial manufacturers in areas like pulp/paper and water treatment.

The Epoxy segment serves customers in coatings, composites, and automotive sectors. In the third quarter of 2025, Epoxy sales were $349.6 million. While this segment posted a loss of ($32.2 million) for Q3 2025, the sales volume was up, driven by higher volumes.

The Winchester segment directly addresses the military and commercial shooting markets. Winchester sales for the third quarter of 2025 were $439.6 million. This revenue is split between U.S. Government and prime defense contractors (military sales) and retailers/wholesalers (commercial sales).

Geographically, the customer base is heavily concentrated in the U.S., as the majority of revenue comes from the United States. Still, Olin Corporation is a global manufacturer, meaning a substantial portion of sales originates outside the U.S. across its chemical businesses.

Here's a quick look at the revenue contribution by segment for the third quarter of 2025, which serves as our best proxy for customer group scale:

Customer Group Proxy (Segment)	Q3 2025 Sales (Millions USD)	Q3 2024 Sales (Millions USD)
Industrial Manufacturers (CAPV)	$924.0	$871.6
Retailers/Government (Winchester)	$439.6	$432.8
Coatings/Composites/Auto (Epoxy)	$349.6	$285.1

The trailing twelve-month revenue as of September 30, 2025, stood at $6.79B. You can see the Winchester segment's earnings were impacted by lower commercial ammunition pricing and shipments, which points to the sensitivity of that specific customer base.

The customer base is served through these primary channels:

• Industrial customers purchasing chlorine and caustic soda for various applications.
• The U.S. Government and prime defense contractors driving military ammunition revenue.
• Retailers and wholesalers stocking sporting ammunition for recreational shooters.
• Manufacturers utilizing epoxy resins in coatings and composites.

Finance: draft 13-week cash view by Friday.

Olin Corporation (OLN) - Canvas Business Model: Cost Structure

You're looking at the core expenses Olin Corporation faces to keep its integrated chemical and ammunition businesses running through late 2025. It's a mix of volatile commodity inputs and fixed operational overhead.

Raw material costs present a major variable expense. For the Winchester division, earnings were pressured by higher costs for commodities like propellant and commodity metal costs in the first half of 2025. Specifically regarding metals, copper prices were approximately $4 per ton during Q2 2025, but this rose to well over $5.50 in early Q3 2025, a cost structure expected to impact Winchester through the second half of 2025 and into 2026.

Manufacturing and operating costs are significant across the board. The Chlor Alkali Products and Vinyls segment experienced higher operating costs. For the first six months of 2025, higher raw material and operating costs contributed to a $47.2 million decrease in segment results. To counter this, Olin Corporation is targeting year-over-year cost savings of $50 million to $70 million for 2025. Furthermore, the company is implementing its Beyond 250 cost savings initiative, aiming for $70 million to $90 million in year-end run rate savings.

Planned maintenance turnaround expenses created a notable headwind in the second quarter of 2025. You can see the specific impacts below:

Segment/Area	Reported Q2 2025 Headwind (Approximate)
Chemicals Businesses (Total)	$32 million
Epoxy (Stade Turnaround)	$7 million
Chlor Alkali Products and Vinyls	Higher operating costs included planned maintenance turnaround expenses

The company had delayed a turnaround in Q1 2025 to support customers, which factored into the Q2 costs. For the third quarter of 2025, Olin expected earnings to improve partly due to lower turnaround expenses.

Logistics and distribution costs are managed through strategic moves. The acquisition of AMMO Inc.'s ammunition assets included the facility in Manitowoc, Wisconsin, which helps reduce reliance on third-party logistics. A significant percentage of the Epoxy segment's Euro-denominated sales are from products manufactured within Europe, suggesting exposure to foreign currency impacts on these costs.

Capital spending remains disciplined. Olin Corporation lowered its annual capital spending estimate for 2025 by approximately $25 million. The revised projection for 2025 capital spending is set between $200 million and $220 million.

Key cost components for Olin Corporation include:

• Higher raw material costs impacting Winchester, including commodity metals.
• Commodity metal (Copper) price movement from $4 per ton (Q2 2025) to over $5.50 (early Q3 2025).
• Planned maintenance turnaround costs creating a $32 million headwind in Q2 2025 chemicals.
• Total projected 2025 Capital Spending between $200 million and $220 million.
• Targeted cost savings of $50 million to $70 million for the full year 2025.

Olin Corporation (OLN) - Canvas Business Model: Revenue Streams

Olin Corporation generates revenue primarily through the sale of its chemical products across its three main segments, supplemented by significant defense-related contracts. Total sales for the second quarter of 2025 reached $1,758.3 million.

The core revenue streams are broken down by segment as follows:

Revenue Source	Q2 2025 Sales Amount
Sales of Chlor Alkali Products and Vinyls	$979.5 million
Sales of Winchester ammunition	$447.6 million
Sales of Epoxy resins and precursors	$331.2 million

Within the Winchester segment, revenue from government and defense work is a key component, showing robust demand in 2025. This stream is driven by specific contracts and projects.

• Higher sales to military customers and military project revenue contributed an increase of $102.0 million to Winchester sales for the three months ended June 30, 2025.
• Winchester defense business continues to grow based upon strong domestic military ammunition demand and international military ammunition shipments.
• The segment is involved in the Lake City U.S. Army Ammunition Plant contract and the government-funded next generation squad weapon project.
• Military sales now represent 40% of the Winchester business.

The company also markets products directly to the U.S. Government and its prime contractors across its segments. The fees associated with operating the Lake City Ammunition facility are integrated into the revenue derived from these government contracts and projects, with specific revenue figures tied to military customer sales and project execution.