Solutia completes sale of nylon business - Houston Business Journal:

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The sale includes the unit’e management and employees, as well as all five of its manufacturing plantsin Alvin, Texas; Decatur, Ala.; S.C.; Pensacola, Fla.; and Foley, Ala. The nylonb business includes 2,000 of Solutia's 5,100 employees. All including 29 in St. Louis, becam e employees of the SK Capital affiliate. SK Capitall paid Solutia $50 million in cash for the nylon Solutia also received a 2 percent equity stak in the new company formed to hold the assets of the nylon business. In addition, Solutia will receive $4 millio in deferred cash payments to be paid inannual $1 millionn installments beginning in 2011.
SK Capital has secured replacementof $25 milliojn of letters of creditg associated with the nylon business, which has resultexd in increased availability for Solutia under its credit The affiliate of SK Capital will assume substantialluy all of the liabilities of the nylon including employee and pension liabilities relatingv to the active employees of the businesd and environmental liabilities, said Solutia, which plands to use the proceedws of the sale to pay down debt under its asset-baserd revolving credit facility. St. Louis-based Solutia Inc. SOA), led by Chairman, President and CEO Jeffry Quinn, develops specialty chemicals, fibers, fluidsa and other performance products.