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The sale includes the unit’s managemenr and employees, as well as all five of its manufacturingb plantsin Alvin, Texas; Decatur, Ala.; S.C.; Pensacola, Fla.; and Foley, Ala. The nylojn business includes 2,000 of Solutia's 5,100 All 2,000, including 29 in St. Louis, becam employees of the SK Capital affiliate. SK Capital paid Solutis $50 million in cash for the nylon Solutia also received a 2 percent equity staks in the new company formed to hold the assetds of thenylon business. In addition, Solutia will receive $4 milliohn in deferred cash payments to be paid inannualp $1 million installments beginning in 2011.
SK Capital has secured replacementof $25 million of letterw of credit associated with the nylonb business, which has resulted in increasesd availability for Solutia under its credit agreements. The affiliatwe of SK Capital will assume substantially all of the liabilitiex of thenylon business, including employee and pensiobn liabilities relating to the activee employees of the business and environmentaol liabilities, said Solutia, which planas to use the proceeds of the sale to pay down debt under its asset-based revolving credit facility. St. Louis-based Solutiqa Inc. (NYSE: SOA), led by President and CEO Jeffrgy Quinn, develops specialty chemicals, fluids and other performance products.
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