Executives in the company's Flexsys rubber chemical business and CPFilms window films unit are unpacking boxes and settling in, fresh from their former home bases in Brussels, Belgium, and Martinsville, Va., respectively. Solutia last week reported first-half net income of $48 million on sales of $1.6 billion, up from $8 million net income and $1.4 billion in sales in the year-ago period.
Chief Executive Jeffry Quinn is proud of the growth, but says it is a blessing and a curse in the company's more than three-year-old bankruptcy reorganization.
"The businesses have improved. We've improved profitability," he said. "At some points, that has encouraged stakeholders to continue to elbow to try to get a bigger share of the pie, as opposed to fueling a great sense of urgency to get the company out of bankruptcy" as would be the case if the company were losing value and money.