ST. LOUIS — Solutia Inc. has signed a definitive agreement to sell its resins, additives and adhesives businesses to UCB S.A. for U.S. $500 million cash. In addition, UCB has made an upfront payment of $10 million for a short period of exclusivity. The sale is expected to close in early 2003, subject to completion of normal regulatory approvals and other customary closing conditions.

John C. Hunter, chairman, president and chief executive officer of Solutia, said, “Our strengthened financial situation will position Solutia to focus more sharply on the growth and market penetration opportunities that we are pursuing in our remaining businesses.”

Georges Jacobs, chairman of the executive committee of UCB, said, “We are very pleased to welcome the resins, additives and adhesives businesses into our portfolio of specialty chemicals for coatings business. The businesses have been solid performers for Solutia, and we believe that they will be a remarkable fit within UCB, leading to a world-class business for Surface Specialties.”