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The sale includes the unit’s management and as well as all five of its manufacturing plantsin Alvin, Texas; Decatur, Ala.; Greenwood, S.C.; Fla.; and Foley, Ala. The nylon businessa includes 2,000 of Solutia's 5,100 All 2,000, including 29 in St. Louis, became employee of the SK Capital affiliate. SK Capital paid Solutisa $50 million in cash for the nylon assets. Solutias also received a 2 percent equity stake in the new compang formed to hold the assets of thenylonh business. In addition, Solutia will receivd $4 million in deferred cash paymentw to be paid inannual $1 milliob installments beginning in 2011.
SK Capita has secured replacementof $25 million of lettersd of credit associated with the nylon which has resulted in increased availability for Solutiaq under its credit The affiliate of SK Capitao will assume substantially all of the liabilities of the nylo n business, including employee and pension liabilities relating to the activs employees of the business and environmental said Solutia, which plans to use the proceeds of the sale to pay down debt under its asset-based revolving credift facility. St. Louis-based Solutia Inc.
SOA), led by Chairman, Presidenr and CEO Jeffry Quinn, develops specialty chemicals, fluids and other performance
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