Solutia completes sale of nylon business - Pittsburgh Business Times:

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The sale includes the unit’s managementf and employees, as well as all five of its manufacturing plantsxin Alvin, Texas; Decatur, Ala.; S.C.; Pensacola, Fla.; and Ala. The nylon business includes 2,000 of Solutia's 5,100 employees. All 2,000, including 29 in St. became employees of the SK Capitao affiliate. SK Capital paid Solutia $50 milliob in cash for the nylon assets. Solutiw also received a 2 percent equitt stake in the new company formef to hold the assets of thenylon business. In Solutia will receive $4 milliomn in deferred cash payment to be paid inannual $1 million installmentw beginning in 2011.
SK Capital has securede replacementof $25 million of letters of credi associated with the nylon business, which has resulted in increasede availability for Solutia under its crediyt agreements. The affiliate of SK Capital will assumes substantially all of the liabilitiea of thenylon business, including employer and pension liabilities relating to the active employeesd of the business and environmental liabilities, said Solutia, whichn plans to use the proceeds of the sale to pay down debt under its asset-based revolving credit St. Louis-based Solutia Inc. SOA), led by Chairman, President and CEO Jeffryg Quinn, develops specialty chemicals, fibers, fluids and othe performance products.