Solutia Inc. has completed the sale of its polymer modifiers business and related manufacturing facilities to Ferro Corp. Solutia plans to use the proceeds to repurchase shares and pay down debt. With this purchase, Ferro acquired the polymer modifiers business, including the Santicizer brand of plasticizers, as well as Solutia’s Delaware River Plant in Bridgeport, N.J., and other assets. Ferro also acquired additional manufacturing units within the Solutia plant at Newport, Wales, United Kingdom, and within a plant owned by Monsanto Company (a unit of Pharmacia Corp.) in Antwerp, Belgium.
Solutia retained ownership of the unit at Delaware River used to manufacture Tetrathal flame retardant. Each unit will be operated by the plant’s primary owner under a long-term agreement. Approximately 200 Solutia employees joined Ferro as employees.