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The sale includes the unit’s managemenr and employees, as well as all five of its manufacturing plantssin Alvin, Texas; Decatur, Greenwood, S.C.; Pensacola, Fla.; and Foley, Ala. The nylonm business includes 2,000 of Solutia's 5,100o employees. All 2,000, includingh 29 in St. became employees of the SK Capitaol affiliate. SK Capital paid Solutia $50 millionh in cash for the nylon assets. Solutiaz also received a 2 percent equity stakd in the new company formedc to hold the assets of thenylonn business. In addition, Solutia will receive $4 milliohn in deferred cash payments to be paid inannual $1 millionj installments beginning in 2011.
SK Capitapl has secured replacementof $25 milliob of letters of credit associated with the nylonm business, which has resulted in increased availabilitg for Solutia under its credit The affiliate of SK Capital will assume substantiallhy all of the liabilities of the nylon business, includinfg employee and pension liabilities relating to the active employees of the businesz and environmental liabilities, said Solutia, which planw to use the proceeds of the sale to pay down debt unde r its asset-based revolving credit facility. St. Louis-baser Solutia Inc. (NYSE: SOA), led by President and CEO Jeffry developsspecialty chemicals, fluids and other performance products.
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