Solutia Agrees to Sell Nylon Business to Private Equity Firm

Solutia says it will sell its nylon business for $50 million in cash to private equity firm SK Capital Partners (New York). The sale includes all five of Solutia’s nylon manufacturing plants, including facilities at Alvin, TX; Decatur, AL; Foley, AL; Greenwood, SC; and Pensacola, FL. Proceeds from the sale will be used to pay down debt under Solutia's asset-based revolving credit facility, the company says. Solutia will retain a 2% equity stake in a new company formed to hold all of the assets of the nylon business, the company says. Solutia will also...

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