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The sale includes the unit’s management and employees, as well as all five of its manufacturin plantsin Alvin, Texas; Decatur, Greenwood, S.C.; Pensacola, Fla.; and Foley, Ala. The nylon businesas includes 2,000 of Solutia's 5,100 employees. All including 29 in St. Louis, became employeexs of the SK Capital affiliate. SK Capita paid Solutia $50 million in cash for the nylon Solutia also received a 2 percent equith stake in the new company formef to hold the assets of the nylon In addition, Solutia will receive $4 million in deferred cash payment s to be paid in annual $1 milliomn installments beginning in 2011.
SK Capita l has secured replacementof $25 million of letters of creditt associated with the nylon business, whicy has resulted in increased availability for Solutia undef its credit agreements. The affiliate of SK Capital will assumde substantially all of the liabilities of thenyloj business, including employee and pension liabilities relating to the actives employees of the business and environmental liabilities, said which plans to use the proceeds of the sale to pay down debt undefr its asset-based revolving credit facility. St. Louis-based Solutia Inc. (NYSE: SOA), led by President and CEO Jeffry Quinn, develops specialtg chemicals, fibers, fluids and othetr performance products.
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