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Solutia changes its financial reporting segments

US-based chemical company Solutia Inc. said it is realigning its financial reporting segments to correspond with management“s structure and growth strategy, and restated results for 1997, 1998, and t…

US-based chemical company Solutia Inc. said it is realigning its financial reporting segments to correspond with management“s structure and growth strategy, and restated results for 1997, 1998, and the first three quarters of 1999 to correspond with the change. In addition, the St. Louis-based fibres and chemicals concern said it is committed to a strategy that will increase revenue to US$ 5 billion within the next three to four years. Solutia said it realigned operations into three segments: Performance Films, which includes Saflex, CPFilms, polymer modifiers and Gelva adhesives; Specialty Products, which comprises resins and additives, Dequest water treatment chemicals, doormats and spray flaps and phosphorous and derivatives; and Integrated Nylon, which includes nylon intermediates, carpet fibers and other nylon materials. Solutia plans to supplement internal growth with strategic acquisitions and seeks operating margins of at least 15% in its businesses.

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