Solutia is doing well after three years of bankruptcy

Solutia Inc. is doing well and marshalling resources, filling vacant wings of its headquarters in Town and Country with energized executives and new hires.

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.

Read the entire story

600450 Solutia is doing well after three years of bankruptcy
Date: 23 August 2007

See more news about:

See more from these topics:

Others also read

Keepsafe Maximum Glass preserves aesthetic appeal of the hotel while providing protection from hurricanes
Saflex® Earth Tones Collection Soothing Colors for Today’s Architectural Designs KINGSPORT – Eastman Chemical Company (NYSE:EMN), manufacturer of Saflex® PVB interlayers, announces a new color collection designed to give laminated glass — and thereby any architectural space — greater aesthetics, warmth, and serenity.
When tenants refuse to renew their leases because of heat and glare problems, property owners and managers know they have a severe problem and must address it immediately.
Eastman Chemical Company (NYSE:EMN) is proud to announce that Saflex® DG structural interlayer has been awarded the General Technical Approval (Allgemeine Bauaufsichtliche Zulassung or AbZ) by the German Institute for Building Technology (Deutschen Institut für Bautechnik -DIBt).
High performance window film as applied to commercial and residential properties is so advanced today that you can address solar control, safety, and high energy savings all in one film, according to Bob Kerr, president of Epic Glass Tinting.
Starting today, Eastman Chemical Company (NYSE: EMN) will showcase advanced automotive glazing technologies at its booth during the 2013 Japanese Society of Automotive Engineering (JSAE) World Congress, held May 22 through May 24 in Yokohoma, Japan.

Add new comment