SK Capital to Acquire Solutia’s Nylon Business

Solutia says it will sell its nylon business for $50 million in cash to private equity firm SK Capital Partners (New York). SK Capital will assume substantially all of the liabilities of the nylon business under the deal. Solutia says it will also receive a 2% equity stake in the business and $4 million in deferred cash payments to be paid in annual $1-million installments beginning in 2011. The company says it will use proceeds from the sale to pay down debt. The transaction is expected to be completed this quarter. The sale comprises Solutia’s five...

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