Banking Firm Organizing Buy-Out of Olin Corp. Unit

Olin Corp. said the investment banking firm of Morgan, Lewis, Githens & Ahn Inc. has agreed in principle to organize a leveraged buy-out of Olin’s Ecusta cigarette paper and fine printing paper business.

The company said previously announced negotiations between Olin and First Boston Corp. regarding the Ecusta sale have been terminated.

Olin said it is anticipated that Ecusta’s current management will continue to run the operation and will have a stock interest in the new company.