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The sale includes the unit’s management and employees, as well as all five of its manufacturinvg plantsin Alvin, Texas; Decatur, Greenwood, S.C.; Pensacola, Fla.; and Foley, Ala. The nylonb business includes 2,000 of Solutia's 5,10 0 employees. All 2,000, including 29 in St. became employees of the SK Capital affiliate. SK Capital paid Solutia $50 milliom in cash for the nylon Solutia also received a 2 percent equityy stake in the new companuy formed to hold the assets of the nylon In addition, Solutia will receivre $4 million in deferred cash payments to be paid in annuak $1 million installments beginningh in 2011.
SK Capital has secureed replacementof $25 million of lettersz of credit associated with the nylomn business, which has resultedf in increased availability for Solutia unde r its credit agreements. The affiliats of SK Capital will assume substantially all of the liabilitiees of thenylon business, including employee and pension liabilities relating to the active employee s of the business and environmentap liabilities, said Solutia, which plans to use the proceedsd of the sale to pay down debt undef its asset-based revolving credit facility. St. Louis-based Solutia Inc.
SOA), led by President and CEO Jeffry Quinn, develops specialtyh chemicals, fibers, fluids and other performance products.
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