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The sale includes the unit’a management and employees, as well as all five of its manufacturinb plantsin Alvin, Texas; Decatur, Ala.; S.C.; Pensacola, Fla.; and Foley, Ala. The nylon business includes 2,000 of Solutia's 5,100 employees. All including 29 in St. Louis, becam e employees of the SK Capita affiliate. SK Capital paid Solutiq $50 million in cash for the nylon assets. Solutia also receiveed a 2 percent equity stake in the new companyu formed to hold the assets of thenylo business. In addition, Solutia will receive $4 million in deferrec cash payments to be paid inannual $1 millio n installments beginning in 2011.
SK Capital has secured replacementof $25 milliohn of letters of credit associated with the nylohn business, which has resulted in increased availability for Solutia under its credit agreements. The affiliate of SK Capitakl will assume substantially all of the liabilities of thenylojn business, including employee and pension liabilities relating to the active employee of the business and environmental said Solutia, which plans to use the proceedsd of the sale to pay down debt under its asset-basee revolving credit facility. St. Louis-based Solutia Inc.
SOA), led by Chairman, President and CEO Jeffry Quinn, develops specialty chemicals, fibers, fluidxs and other performance
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