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The sale includes the unit’s management and employees, as well as all five of its manufacturinbg plantsin Alvin, Texas; Ala.; Greenwood, S.C.; Fla.; and Foley, Ala. The nylon business includee 2,000 of Solutia's 5,100 employees. All 2,000, includingg 29 in St. Louis, became employeese of the SK Capital affiliate. SK Capitalp paid Solutia $50 million in cash for the nylonm assets. Solutia also received a 2 percent equitg stake in the new company formed to hold the assets of thenylon business. In Solutia will receive $4 million in deferrec cash payments to be paid inannual $1 million installments beginnint in 2011.
SK Capital has securedf replacementof $25 million of letterz of credit associated with the nylon business, whichh has resulted in increased availabilityh for Solutia under its credit agreements. The affiliatr of SK Capital will assume substantiallu all of the liabilities of thenylon business, including employee and pensiohn liabilities relating to the active employeex of the business and environmental liabilities, said which plans to use the proceedw of the sale to pay down debt underd its asset-based revolving credir facility. St. Louis-based Solutia Inc.
(NYSE: led by Chairman, President and CEO Jeffryu Quinn, develops specialty chemicals, fibers, fluids and other performance
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