Solutia Closes Sale of Its Resins, Additives and Adhesives Businesses

Date: 12 February 2003
Source: Glass Digest Magazine

Date: 12 February 2003

Solutia Inc. closed the sale of its resins, additives and adhesives businesses to UCB S.A. for U.S. $500 million cash. John C.

Hunter, chairman, president and chief executive officer of Solutia said, "We are pleased that we have been able to conclude this sale quickly. Solutia will use the proceeds to substantially pay down debt, which will strengthen our balance sheet and provide us with greater flexibility to deal with future business risk and uncertainty." He added, "This sale allows Solutia to focus on the growth and market penetration opportunities that we are pursuing in our remaining businesses."

The agreement includes 10 production sites that make liquid and powder coatings resins, technical resins, additives products and pressure-sensitive adhesives. The resins, additives and adhesives businesses together employ approximately 1,700 individuals in 22 countries and have sales of approximately $560 million for the year ended Dec. 31, 2002.

Solutia will sell manufacturing facilities in: Wiesbaden, Frankfurt-Fechenheim and Hamburg, Germany; Werndorf, Austria; Romano d'Ezzelino, Italy; Dijon, France; Soborg, Denmark; La Llagosta, Spain; Rayong, Thailand and Suzano, Brazil, as well as research and development facilities in Graz, Austria, and Springfield, Mass.

The sale does not include Solutia's industrial products businesses or its Butvar specials and dispersions and Santotac thermoplastic resins.

As part of the agreement, current employees of the resins, additives and adhesives businesses will transfer to UCB. At the La Salle, Canada, and Springfield, Mass., locations, manufacturing employees will remain Solutia employees. In a limited number of areas, Solutia has agreed to provide transition services to UCB.
600450 Solutia Closes Sale of Its Resins, Additives and Adhesives Businesses glassonweb.com

See more news about:

Others also read

MORE...

Emirates Glass wins major deals
Local quality glass producer Emirates Glass Limited has won contracts to supply 68,000 square metres of its high quality EmiCool glass to five major projects in Dubai.
Southwall Technologies Secures New Bank Loan and Equity Financing Agreement Led by Needham & Company
Southwall Technologies Inc. (Nasdaq:SWTX), a global developer, manufacturer and marketer of thin-film coatings for the electronic display, automotive glass and architectural markets, today announced that on Dec. 18, 2003, it secured an agreement for a new bank loan guarantee and equity financing package of up to $7.5 million from Needham & Company, Inc., its affiliates and Dolphin Asset Management.
KUB accepts Nippon Sheet Glass offer
KUB Malaysia Bhd has accepted an offer from Nippon Sheet Glass Co Ltd (NSG) to acquire its 15% stake in Malaysian Sheet Glass Bhd (MSG) for RM32.6 million in cash, or RM2.68 per share.
Micro-Tek Canada, Inc. and Co-Ventures in Glass Containers, Ltd.
Co-Ventures in Glass Containers (CVIGC, Ltd.) of Tampa, Florida, USA and Micro-Tek Canada, Inc. Of Toronto, Canada are excited to announce the beginning of a long term joint venture to combine their extensive experiences and resources to offer the Glass Container Industry globally a best value alternative for all their outsourcing needs in manufacturing, operations and technical assistance agreements, specifically targeted to the smaller manufacturers who have found the larger service companies to be cost and profit prohibitive.The principals of the two companies have found a global need for smaller glass companies who require excellent technical resources to properly compete within the industry without the high costs of employing their own staffs or outsourcing their requirements to the larger service companies whose own operating costs and overhead are substantial.
Autoglass maker dumps dumping charges
China's largest automobile glass maker Fuyao Glass Industry Group Co, Ltd, won its case against the dumping ruling of the US Department of Commerce (DOC).
History of Glass Wine Bottles
When did the wine industry start using glass bottles, and how did they settle on their current size of 750ml? For the answer to these questions, you have to go back in time - back thousands of years to when wine was first cultivated and enjoyed.

Add new comment