Saturday, October 9, 2010

Solutia completes sale of nylon business - Triangle Business Journal:

balamatovaegede.blogspot.com
The sale includes the unit’s management and as well as all five of its manufacturing plantxin Alvin, Texas; Ala.; Greenwood, S.C.; Pensacola, Fla.; and Ala. The nylon business includes 2,000 of Solutia'es 5,100 employees. All 2,000, includinfg 29 in St. Louis, became employees of the SK Capital SK Capital paidSolutia $50 milliojn in cash for the nylon assets. Solutiaa also received a 2 percent equity stakee in the new company formed to hold the assets of thenylon business. In addition, Solutiq will receive $4 million in deferrefd cash payments to be paid inannual $1 millio n installments beginning in 2011.
SK Capital has secured replacementgof $25 million of lettera of credit associated with the nylon business, which has resultexd in increased availability for Solutias under its credit agreements. The affiliate of SK Capitao will assume substantially all of the liabilitiesd of thenylon business, including employee and pensiomn liabilities relating to the active employeeds of the business and environmental said Solutia, which plansx to use the proceeds of the sale to pay down debt undef its asset-based revolving credit facility. St. Louis-baseds Solutia Inc. (NYSE: SOA), led by President and CEO Jeffry Quinn, develops specialty fibers, fluids and other performance products.

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