The US chemicals operation Monsanto Co. said in mid-August that shareholders had approved the previously announced spin-off of its chemical business, which includes the production of interlayers for l…
The US chemicals operation Monsanto Co. said in mid-August that shareholders had approved the previously announced spin-off of its chemical business, which includes the production of interlayers for laminated glass, to form an independent company named Solutia Inc. Monsanto said its life sciences businesses, which will retain the Monsanto name, will continue to trade under the MTC symbol. Monsanto“s life sciences operations include agricultural, food additive and pharmaceutical businesses. Solutia will own and operate businesses that produced US$ 3 billion in sales in 1996. Robert Potter, who has been acting chief executive of the chemical operations, will be chairman and chief executive officer of Solutia. Solutia will own and operate 19 plants worldwide, including facilities in 12 different US states and in Belgium, Canada and the United Kingdom. At the time of the spin-off Solutia will have about 8,800 employees worldwide.