Solutia to Purchase Akzo Nobel's 50 Percent Stake in Flexsys Joint Venture
Tuesday February 27, 5:23 pm ET
ST. LOUIS, Feb. 27, 2007 (PRIME NEWSWIRE) -- Solutia Inc., a leading manufacturer and provider of interlayers for laminated glass, aftermarket window films, specialty chemicals and an integrated family of nylon products, today announced it has reached a definitive agreement to purchase Akzo Nobel N.V.'s stake in Flexsys, the 50%/50% rubber chemicals joint venture between Akzo Nobel and Solutia. Solutia and Akzo Nobel have entered into a letter agreement committing the parties to execute the definitive agreement upon completion of consultation with Dutch employee works council representatives. The parties are moving forward to obtain the required approval of the United States Bankruptcy Court before which Solutia's Chapter 11 proceedings are pending, the receipt of required regulatory approvals, finalizing the definitive purchase agreement for Akzo Nobel's Crystex business in Japan and the fulfillment of other customary closing conditions.
Formed in 1995, Flexsys is the world's leading supplier of chemicals to the rubber industry. With 2005 sales of approximately $600 million, Flexsys employs about 600 people worldwide.
Flexsys products play an important role in the manufacture of tires and other rubber products such as belts, hoses, seals and footwear. These chemicals help cure and protect rubber, increase durability, lengthen product life, and provide color control and heat resistance.
Flexsys' headquarters are in Brussels, Belgium, and its products are manufactured at facilities across Europe, North America, South America and Asia. Flexsys also operates three technology centers as well as sales offices around the world.
Solutia uses world-class skills in applied chemistry to create value-added solutions for customers, whose products improve the lives of consumers every day. Solutia is a world leader in performance films for laminated safety glass and after-market applications; specialties such as water treatment chemicals, heat transfer fluids and aviation hydraulic fluid and an integrated family of nylon products including high-performance polymers and fibers.
Solutia ... Solutions for a Better Life.
Source: Solutia, Inc.
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