Ferro to Purchase Polymer Modifiers Business

Solutia Inc. has agreed to sell its polymer modifiers business and related manufacturing facilities to Ferro Corp. The price for the transaction was not announced; closing was expected in late summer. Under the definitive agreement, Ferro would acquire the business, including the Santicizer brand of plasticizers, as well as Solutia’s Delaware River Plant in Bridgeport, N.J., and other assets.

Ferro would also acquire additional manufacturing units in the Solutia plant at Newport, Wales, United Kingdom, and in a plant owned by Monsanto Co. (a unit of Pharmacia Corp.) in Antwerp, Belgium. Solutia would retain ownership of the unit at Delaware River to manufacture Tetrathal flame retardant. Each unit would be operated by the plant’s primary owner under a long-term agreement. Approximately 200 Solutia employees would become employees of Ferro.