Olin Corporation (Olin) is a Virginia corporation, incorporated in 1892, having its principal executive offices in Clayton, MO. We are a leading vertically-integrated global manufacturer and distributor of chemical products and a leading U.S. manufacturer of ammunition. Our operations are concentrated in three business segments: Chlor Alkali Products and Vinyls, Epoxy and Winchester. All of our business segments are capital intensive manufacturing businesses. The Chlor Alkali Products and Vinyls segment manufactures and sells chlorine and caustic soda, ethylene dichloride (EDC) and vinyl chloride monomer, methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, hydrochloric acid, hydrogen, bleach products and potassium hydroxide. The Epoxy segment produces and sells a full range of epoxy materials and precursors, including aromatics (acetone, bisphenol, cumene and phenol), allyl chloride, epichlorohydrin, liquid epoxy resins, solid epoxy resins and downstream products such as converted epoxy resins and additives. The Winchester segment produces and sells sporting ammunition, reloading components, small caliber military ammunition and components, and industrial cartridges.
Net income for the three and six months ended June 30, 2022 was $422.1 million and $815.1 million, respectively, compared to $355.8 million and $599.4 million, respectively, for the comparable prior year periods in 2021. For the six months ended June 30, 2022, the increase in results from the prior year was primarily due to improved operating results across all our business segments. For the three months ended June 30, 2022, the increase in results from the prior year was primarily due to improved operating results within our Chlor Alkali Products and Vinyls and Winchester business segments, partially offset by a decline in Epoxy results.
During first quarter 2022, our Epoxy segment experienced weaker epoxy resin demand in Europe, which was exacerbated by the uncertainty following the Russian invasion of Ukraine. The Epoxy business was unwilling to sell incremental volume into a poor-quality market and operating the epoxy resin facility at less than 50% operating rates was impractical. As a result of these factors, the high natural gas and electrical power costs in Europe, and facility maintenance, we suspended epoxy resin production at our Stade, Germany facility in March and subsequently resumed production in May. During second quarter 2022, our Epoxy segment experienced weaker epoxy resin demand in North America and South America. As a result, late in the second quarter we announced we are temporarily suspending epoxy and related upstream inputs production at our Freeport, TX and Guaruja, Brazil facilities.
During April 2022, our Chlor Alkali Products and Vinyls facility at Plaquemine, LA experienced an unplanned production outage. Approximately half of the facility returned to operations during June and the remainder is expected to return to operations in early August 2022. With the resumption of its Plaquemine, LA operations, high electrical power costs in Texas and considering the poor-quality EDC market conditions, we announced late in the second quarter 2022 our Chlor Alkali Products and Vinyls segment is temporarily suspending a significant portion of its EDC and related chlor alkali production at its Freeport, TX facility.
Chlor Alkali Products and Vinyls reported segment income of $346.5 million and $675.1 million for the three and six months ended June 30, 2022, respectively. Chlor Alkali Products and Vinyls segment results were higher than in the comparable prior year periods primarily due to higher product pricing across all products, partially offset by higher raw material and operating costs and lower volumes.
Epoxy reported segment income of $139.9 million and $277.9 million for the three and six months ended June 30, 2022, respectively. Epoxy first half segment results were higher than in the comparable prior year period primarily due to higher product prices, partially offset by higher raw material costs, primarily benzene and propylene, lower volumes and higher operating costs. Epoxy second quarter 2022 segment results continued to be negatively impacted by weaker epoxy resin demand, resulting in lower volumes compared to the prior year period. As a result, Epoxy segment results for the second quarter declined from the prior year.
Winchester reported segment income of $119.3 million and $238.2 million for the three and six months ended June 30, 2022, respectively. Winchester segment results were higher than in the comparable prior year period primarily due to increased commercial ammunition pricing, partially offset by higher commodity and operating costs.
On July 28, 2022, our Board of Directors authorized a share repurchase program for the purchase of shares of common stock at an aggregate price of up to $2.0 billion. This program will terminate upon the purchase of $2.0 billion of common stock. During the six months ended June 30, 2022, we repurchased and retired 12.6 million shares of common stock at a total value of $689.7 million. As of June 30, 2022, we have $362.5 million of remaining authorized common stock to be purchased under our 2021 $1.0 billion share repurchase program. The authorization remaining available under the $1.0 billion 2021 share repurchase program is not affected by the authorization of the $2.0 billion 2022 share repurchase program.
The invasion of Ukraine by Russia and the sanctions imposed in response to this crisis have increased the level of economic and political uncertainty. Russia sales represented less than 0.5% of our total sales for the full year 2021 and were minimal for 2022. During the first quarter of 2022, we ceased all sales to and purchases from Russia. Additionally, sanctions from the U.S., and the European Union continue to evolve, along with the overall impact the invasion has on the global economic and political environment. We continue to closely monitor the changing environment, including the increased volatility and heightened degree of uncertainty resulting from the invasion. As of now, the direct impact on our operations has not been significant, but we are unable to fully determine the future impact the invasion and the corresponding global response will have on our business.
© Edgar Online, source Glimpses