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Solutia sells polymer modifier business to Ferro

US-based chemical company Solutia Inc. said it was selling its polymer modifier business to Ferro Corp. Terms were not disclosed.
“As we reviewed our strategic growth planning, we concluded this busi…

US-based chemical company Solutia Inc. said it was selling its polymer modifier business to Ferro Corp. Terms were not disclosed. “As we reviewed our strategic growth planning, we concluded this business could be a better fit with another company“s portfolio,” said John Hunter, Solutia chairman and chief executive. Closing of the deal is expected later this summer, pending appropriate government reviews, Solutia said in a release. Under the agreement, Ferro would buy the business, including the Santicizer brand of plasticizers, Solutia“s Delaware River plant in Bridgeport, New Jersey, and other assets. Ferro will also acquire additional manufacturing units in the Solutia plant at Newport, Wales, in the UK, and in a plant owned by Monsanto, a unit of Pharmacia Corp., in Antwerp, Belgium. About 200 Solutia employees will become Ferro employees, said Solutia. With annual sales of US$ 140 million, St. Louis-based Solutia“s polymer modifiers business includes speciality plasticizers and benzyl chloride. These compounds add specific properties to resilient flooring systems, sealants, caulks, adhesives and polymer systems. Cleveland, Ohio-based Ferro is a multinational producer of performance materials for industry, including coatings, colours, ceramics, plastics and chemicals.

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