ST. LOUIS and COLOGNE, Germany, Nov. 24 /PRNewswire-FirstCall/ -- Solutia Inc. today announced it will discontinue manufacturing at its plant in Cologne, Germany, effective as soon as practical. Taminco N.V. will acquire certain assets and assume certain contracts and commercial obligations relating to the tetramethylthiuram disulfide (TMTD) and tetraethylthiuram disulfide (TETD) products. As a part of that transaction, Solutia will continue to produce TMTD and TETD at Cologne for Taminco during a transition period, which is expected to conclude by the end of the first quarter 2010. Solutia will continue to manufacture and provide Perkacit DPTT to customers.
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"Due to the emergence of lower cost competition, the TMTD and TETD products manufactured by Solutia at Cologne are no longer competitive on a global scale," said Mike Donnelly, president and general manager, for Solutia's Technical Specialties business. "This decision is consistent with Solutia's strategy to strengthen core businesses that are market leaders with attractive margins and a presence that spans the globe. We will work to ensure the employees impacted by this change are treated fairly, and will help customers transition to a new supply arrangement with Taminco."
Solutia's Technical Specialties segment offers advanced products that meet or exceed rigorous specifications and are distributed through a reliable, global manufacturing and supply system. Its products include specialty fluids and rubber chemicals that improve durability, increase safety and enhance energy efficiency. The service team works closely with customers to constantly improve key performance and quality levels and to anticipate and develop solutions to market challenges.
© 2009 Solutia Inc. All rights reserved. Solutia and the Infinity Logo® are trademarks of Solutia Inc. As used herein, ® denotes registered trademark status in the U.S. only.
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 and Solutia's ability to raise additional funds which is subject to market conditions. 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, the risk and uncertainties regarding the consummation of the transactions described in this press release or the timing thereof, including the possibility that the conditions to consummating the transactions may not be satisfied or that the transactions may not close, and those other risks and uncertainties described in Solutia's most recent Annual Report on Form 10-K, including under "Cautionary Statement About Forward Looking Statements" and "Risk Factors", and Solutia's quarterly reports on Form 10-Q. These reports can be accessed through the "Investors" section of Solutia's website at http://www.solutia.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.
About Solutia Inc.
Solutia is a market-leading performance materials and specialty chemicals company. The company focuses on providing solutions for a better life through a range of products, including: Saflex® interlayer for laminated glass; CPFilms aftermarket window films sold under the LLumar® brand and others; and technical specialties including the Flexsys® family of chemicals for the rubber industry, Skydrol® aviation hydraulic fluid and Therminol® heat transfer fluid. Solutia's businesses are world leaders in each of their market segments. With its headquarters in St. Louis, Missouri, USA, the company operates globally with approximately 3,100 employees in more than 60 locations. More information is available at http://www.solutia.com/ .
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Solutia Inc.
CONTACT: Media, Melissa Hammonds (St. Louis), +1-314-674-5555, or Media
- Germany, Jurgen Wnuck (Cologne), +49 5021 988 172, or Investors, Susannah
Livingston (St. Louis), +1-314-674-8914, all of Solutia Inc.
Web Site: http://www.solutia.com/
