Ascend Buys Solutia's Nylon Business

St. Louis, MO, June 2, 2009--Solutia Inc. said Monday it completed the $50 million sale of its nylon business to an affiliate of private equity firm SK Capital Partners II.

The sale includes the unit’s management and employees, as well as all five of its manufacturing plants in Alvin, Texas; Decatur, Ala.; Greenwood, S.C.; Pensacola, Fla.; and Foley, Ala.

The business has been renamed Ascend Performance Materials. Frederic Poses, former chairman and CEO of American Standard and COO of AlliedSignal, will lead the management team with extensive industry expertise. Timothy Strehl continues as president.

The nylon business includes 2,000 of Solutia's 5,100 employees.

SK Capital paid Solutia $50 million in cash for the nylon assets.

Solutia also received a 2 percent equity stake in the new company that will hold the assets of the nylon business.

Listen to today's interview to hear Fred Poses and Gary Lanser discuss the business strategy behind buying Soluia's Nylon Business.

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