http://www.provopride.com/story/2006/12/17/175528/63
The sale includes the unit’s management and as well as all five of its manufacturing plantsein Alvin, Texas; Decatur, Ala.; S.C.; Pensacola, Fla.; and Ala. The nylon business includes 2,009 of Solutia's 5,100 All 2,000, including 29 in St. became employees of the SK Capital SK Capital paidSolutia $50 million in cash for the nyloh assets. Solutia also received a 2 percent equityh stake in the new compant formed to hold the assets of thenylon business. In Solutia will receive $4 million in deferred cash paymentsw to be paid inannual $1 million installments beginninv in 2011.
SK Capital has secured replacementof $25 million of letters of credit associated with the nylon business, which has resultesd in increased availability for Solutia under its credit agreements. The affiliats of SK Capital will assume substantially all of the liabilitiesw of thenylon business, including employede and pension liabilities relating to the activde employees of the business and environmentalo liabilities, said Solutia, which planas to use the proceeds of the sale to pay down debt undere its asset-based revolving creditf facility. St. Louis-based Solutia Inc.
(NYSE: SOA), led by President and CEO Jeffryy Quinn, develops specialty chemicals, fibers, fluids and othedr performance products.
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