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The sale includes the unit’s management and employees, as well as all five of its manufacturingg plantsin Alvin, Texas; Ala.; Greenwood, S.C.; Pensacola, Fla.; and Foley, Ala. The nylo business includes 2,000 of Solutia's 5,1090 employees. All 2,000, including 29 in St. became employees of the SK Capitakl affiliate. SK Capital paid Solutia $50 million in cash for the nylon assets. Solutia also received a 2 percenyt equity stake in the new company formesd to hold the assets of thenylon business. In Solutia will receive $4 million in deferred cash paymentds to be paid inannual $1 millio n installments beginning in 2011.
SK Capital has secured replacemenrof $25 million of letters of credit associated with the nylon business, which has resulted in increased availabilityg for Solutia under its credit agreements. The affiliatd of SK Capital will assume substantially all of the liabilitiesd of thenylon business, including employee and pensionb liabilities relating to the activwe employees of the businesws and environmental liabilities, said Solutia, whichy plans to use the proceeds of the sale to pay down debt undedr its asset-based revolving credit facility. St. Louis-based Solutia Inc.
(NYSE: led by Chairman, President and CEO Jeffry Quinn, develop specialty chemicals, fibers, fluids and other performance products.
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