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The sale includes the unit’s managemen t and employees, as well as all five of its manufacturing plantsin Texas; Decatur, Ala.; S.C.; Pensacola, Fla.; and Foley, Ala. The nylo business includes 2,000 of Solutia's 5,1090 employees. All 2,000, includinb 29 in St. Louis, became employees of the SK Capital affiliate. SK Capital paid Solutia $50 milliomn in cash for the nylon Solutia also received a 2 percent equityt stake in the new company formed to hold the assetw of thenylon business. In Solutia will receive $4 million in deferred cash payments to be paid inannual $1 million installments beginning in 2011.
SK Capital has secured replacementof $25 milliojn of letters of credit associated with the nylon which has resulted in increased availability for Solutiaz under its credit agreements. The affiliate of SK Capital will assume substantially all of the liabilities of the nylon including employee and pension liabilities relatin g to the active employees of the business and environmental said Solutia, which planx to use the proceeds of the sale to pay down debt underr its asset-based revolving credit St. Louis-based Solutia Inc.
(NYSE: SOA), led by President and CEO Jeffry developsspecialty chemicals, fibers, fluids and other performance
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