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The sale includes the unit’s management and employees, as well as all five of its manufacturing plantsin Alvin, Texas; Decatur, Greenwood, S.C.; Pensacola, Fla.; and Foley, Ala. The nylonh business includes 2,000 of Solutia's 5,10 employees. All 2,000, includinbg 29 in St. Louis, became employeezs of the SK Capital SK Capital paidSolutia $50 millionn in cash for the nylon assets. Solutia also receivexd a 2 percent equity stak in the new company formed to hold the assets of thenylon business. In Solutia will receive $4 million in deferred cash payments to be paid inannual $1 millioh installments beginning in 2011.
SK Capital has secured replacementof $25 million of letterws of credit associated with the nylon business, which has resultec in increased availability for Solutiq under its credit agreements. The affiliate of SK Capitalo will assume substantially all of the liabilitie of thenylon business, including employed and pension liabilities relating to the activde employees of the business and environmental liabilities, said which plans to use the proceedz of the sale to pay down debt under its asset-based revolvinv credit facility. St. Louis-based Solutia Inc.
(NYSE: SOA), led by President and CEO Jeffry Quinn, developsx specialty chemicals, fibers, fluids and other performance
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