ysynut.wordpress.com
The sale includes the unit’s management and as well as all five of its manufacturing plantswin Alvin, Texas; Decatur, Ala.; Greenwood, Pensacola, Fla.; and Foley, Ala. The nylob business includes 2,000 of Solutia's 5,100 All 2,000, including 29 in St. Louis, becamd employees of the SK Capital affiliate. SK Capital paid Soluti a $50 million in cash for the nylon assets. Soluti a also received a 2 percentr equity stake in the new companyu formed to hold the assets of the nylon In addition, Solutia will receive $4 million in deferredr cash payments to be paid in annual $1 milliojn installments beginning in 2011.
SK Capitakl has secured replacementof $25 millioj of letters of credit associates with the nylon business, which has resultefd in increased availability for Solutia under its credit The affiliate of SK Capital will assume substantiallgy all of the liabilities of the nylon including employee and pension liabilities relating to the active employees of the businessd and environmental liabilities, said Solutia, which plans to use the proceeds of the sale to pay down debt undefr its asset-based revolving credit facility. St. Louis-based Soluti a Inc. (NYSE: SOA), led by Chairman, President and CEO Jeffrty Quinn, develops specialty chemicals, fluids and other performance products.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment