Solutia to sell non-plastics assets to UCB for $500 million

Omnexus - Dec 3, 2002

ST. LOUIS, Dec. 3 -- Solutia Inc. has agreed to sell several non-plastics assets involving resins, additives, and adhesives, to Brussels-based UCB S.A. for $500 million. The deal will not affect Solutia's performance film and intergrated nylon businesses, a Solutia spokeswoman said. UCB has made an upfront payment of $10 million for a short period of exclusivity. The transaction, which is expected to close in early 2003, requires regulatory approval. UCB is a pharmaceutical and specialty chemical company which employs 10,000. The deal strengthens Solutia's balance sheet and allows it to pay down a substantial amount of debt, according to John Hunter, chairman, president, and chief executive officer of Solutia. The divestiture is...

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