ST. LOUIS, May 2, 2007 (PRIME NEWSWIRE) -- Solutia Inc. (OTCBB:SOLUQ) today completed its purchase of Akzo Nobel N.V.'s 50 percent interest in Flexsys, the world's leading supplier of chemicals to the rubber industry. Flexsys was formed in 1995 as a 50/50 joint venture between Solutia and Akzo Nobel; effective today it will become a wholly owned subsidiary of Solutia.
Flexsys becomes the fourth major platform in Solutia's business portfolio, joining Performance Products which consists of Saflex(r) laminated glass interlayers and specialty chemicals, CPFilms(r) aftermarket window films, and an integrated family of nylon products.
"Solutia's businesses are world leaders in their markets, and Flexsys is the world leader in rubber chemicals. This truly global business will become an integral part of Solutia," said Jeffry N. Quinn, chairman, president and CEO of Solutia.
James R. Voss has been named senior vice president and president of Flexsys. He previously served as Solutia's senior vice president -- business operations. Enrique Bolanos, who led Flexsys for the past eight years, will remain active in the business and will help with the transition of Flexsys into Solutia.
"Flexsys brings Solutia a portfolio of strong products, a great team of people, and unparalleled knowledge of the technology and the market," Voss said. "Solutia will contribute clear strategy, crisp decision-making and strong corporate leadership."
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 control the process of manufacturing rubber, determine its performance characteristics and improve the durability, flexibility and appearance of rubber.
Flexsys is a global business with offices, manufacturing facilities and technology centers around the world and employs about 600 people worldwide. Flexsys has annual sales of $600 million, about two-thirds of which take place outside the United States.
NOTES TO EDITOR:
* Saflex and CPFilms are registered trademarks of Solutia Inc.
The Solutia Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=2620
Forward Looking Statements
This press release may contain forward-looking statements, which can be identified by the use of words such as "believes," "expects," "may," "will," "intends," "plans," "estimates" or "anticipates," or other comparable terminology, or by discussions of strategy, plans or intentions. These statements are based on management's current expectations and assumptions about the industries in which Solutia operates. Forward-looking statements are not guarantees of future performance and are subject to significant risks and uncertainties that may cause actual results or achievements to be materially different from the future results or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, those described in Solutia's most recent Annual Report on Form 10-K, under "Cautionary Statement About Forward Looking Statements," Solutia's quarterly reports on Form 10-Q, and in filings with the U.S. Bankruptcy Court in connection with the Chapter 11 case of Solutia Inc. and 14 of its U.S. subsidiaries. These reports can be accessed through the "Investors" section of Solutia's website at www.solutia.com. The bankruptcy court filings can be accessed by visiting www.trumbullgroup.com. Solutia disclaims any intent or obligation to update or revise any forward-looking statements in response to new information, unforeseen events, changed circumstances or any other occurrence.
Corporate Profile
Solutia (http://www.Solutia.com) 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; and chemicals for the rubber industry; specialties such heat transfer fluids and aviation hydraulic fluid and an integrated family of nylon products including high-performance polymers and fibers, and chemicals for the rubber industry.
Solutia ... Solutions for a Better Life.