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The sale includes the unit’s management and employees, as well as all five of its manufacturintg plantsin Alvin, Texas; Decatur, Ala.; S.C.; Pensacola, Fla.; and Foley, Ala. The nylojn business includes 2,000 of Solutia'se 5,100 employees. All 2,000, including 29 in St. became employees of the SK Capital SK Capital paidSolutia $50 million in cash for the nylon Solutia also received a 2 percent equity staker in the new company formed to hold the assets of the nylojn business. In addition, Solutia will receive $4 millionj in deferred cash payments to be paid inannual $1 million installments beginning in 2011.
SK Capitalp has secured replacementof $25 million of letters of crediyt associated with the nylon business, which has resulted in increased availability for Solutia under its credit agreements. The affiliats of SK Capital will assume substantially all of the liabilitiess of thenylon business, including employee and pensionm liabilities relating to the active employees of the business and environmental liabilities, said Solutia, which plans to use the proceedw of the sale to pay down debt undere its asset-based revolving credit facility. St. Louis-basex Solutia Inc. (NYSE: led by Chairman, President and CEO Jeffr y Quinn, develops specialty chemicals, fluids and other performance products.
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