Solutia completes sale of nylon business - Charlotte Business Journal:

yjanebixe.wordpress.com
The sale includes the unit’s management and as well as all five of its manufacturinhg plantsin Alvin, Texas; Decatur, Ala.; S.C.; Pensacola, Fla.; and Ala. The nylon business includes 2,000 of Solutia'ss 5,100 employees. All 2,000, including 29 in St. became employees of the SK Capital affiliate. SK Capitapl paid Solutia $50 million in cash for the nyloh assets. Solutia also received a 2 percent equity stake in the new company formed to hold the assets of the nylon business. In addition, Solutia will receive $4 millio n in deferred cash payments to be paid inannuaol $1 million installments beginning in 2011.
SK Capital has securedr replacementof $25 million of letterd of credit associated with the nylonb business, which has resulted in increasedr availability for Solutia under its credit The affiliate of SK Capitaol will assume substantially all of the liabilitied of the nylon business, including employeed and pension liabilities relatin to the active employeea of the business and environmental liabilities, said Solutia, which plansx to use the proceeds of the sale to pay down debt underd its asset-based revolving credit facility. St. Louis-bases Solutia Inc.
(NYSE: SOA), led by Chairman, President and CEO Jeffry developsspecialty chemicals, fibers, fluids and other performance