The acquisition is said to be a key step in Solutia’s plan to grow its specialty chemicals and performance materials portfolio by enhancing its current businesses.
The transaction is expected to close during the second quarter of 2010, contingent upon customary closing conditions, including receipt of governmental approvals. Deutsche Bank Securities and Kirkland & Ellis acted as advisors on this transaction.
Jeffry Quinn, chairman, president and CEO of Solutia, said: “This acquisition is a solid step forward that strengthens our core competencies, expands our end markets and supports Solutia’s growth strategy.
“Renewable energy is an acknowledged source of long-term growth that fits well with Solutia’s businesses, and the combination of EVA and PVB encapsulant manufacturing capabilities will result in access to additional opportunities. I am extremely excited about Etimex Solar and the role it will play in Solutia’s future success.”
