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Solutia Complete Sale Of Nylon Division, Including Cantonment Plant; Buyer Renames Company
June 2, 2009
Solutia has complete the sale of their nylon division, including their plant near Cantonment, to a New York-based private equity capital group.
Solutia says the $50 million sale of the nylon division, which includes the local plant, was finalized Monday. The purchaser is SK Capital Partners of New York.
The business, including the Cantonment plant, has been renamed Ascend Performance Materials
“I believe a sale to SK Capital positions your business to achieve its full potential. You bring a tradition of excellence and unsurpassed dedication; SK Capital brings a team that is excited about the opportunities it sees in the business. You and the business will do well,” Jeffry N. Quinn, chairman, president, and CEO of Solutia Inc., wrote in an email to employees Monday afternoon.
The 55-year old plant near Cantonment was hit hard by layoffs back in November when over 600 Solutia and contract employees were laid off. The future of the plant has not been announced by the new potential owners. The plant currently employs about 800 people.
Frederic Poses, former chairman and CEO of American Standard and COO of AlliedSignal, will lead an experienced management team with extensive industry expertise. Timothy Strehl continues as president of the company.
“We are attracted by the growth opportunities that exist within Ascend’s businesses, which have solid fundamentals, a strong customer base and talented people. Ascend, as an independent private company, will be focused on leveraging our leading technology to develop new and innovative products for our global customer base,” Poses said. “SK Capital brings valuable experience in all aspects of the business.”
SK Capital Partners invests in several industries including niche segments of the specialty materials, chemicals and health care sectors.
Comments
2 Responses to “Solutia Complete Sale Of Nylon Division, Including Cantonment Plant; Buyer Renames Company”
I just hope they don’t move all production overseas. I heard somewhere that the NY based company represents a lot of interests in China and abroad.
Hope all goes well with the new company. Maybe the employees that are left will have a little peace of mind. Good luck!!!