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The sale includes the unit’s management and as well as all five of its manufacturint plantsin Alvin, Texas; Decatur, Ala.; Greenwood, Pensacola, Fla.; and Foley, Ala. The nylonm business includes 2,000 of Solutia's 5,100 employees. All 2,000, includinbg 29 in St. Louis, became employees of the SK Capital SK Capital paidSolutia $50 million in cash for the nyloj assets. Solutia also received a 2 percentt equity stake in the new companyy formed to hold the assets of the nylon In addition, Solutia will receivs $4 million in deferredr cash payments to be paid in annua $1 million installments beginning in 2011.
SK Capitall has secured replacementof $25 millionj of letters of credit associated with the nylon business, whichn has resulted in increased availability for Solutia unde its credit agreements. The affiliate of SK Capital will assume substantiallyh all of the liabilities of the nylon including employee and pension liabilities relating to the active employeesw of the business andenvironmentakl liabilities, said Solutia, which plans to use the proceed s of the sale to pay down debt undef its asset-based revolving credit St. Louis-based Solutia Inc. (NYSE: SOA), led by President and CEO Jeffry developsspecialty chemicals, fibers, fluidas and other performance products.
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