Solutia have signed a definitive agreement with UCB S.A. to sell their resins, additives and adhesives businesses for US$500 million. To this end, UCB have made an upfront payment of US$10 million for a short period of exclusivity. Should the deal proceed, it would be expected to close early in 2003.
The divestment is a strategic move to reduce debt levels for Solutia.
UCB on the other hand are keen to acquire the business as they source many specialty chemicals from them for the production of coatings and environmentally friendly resins used in graphics and printing, automotive, medical and solar films.
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