Company News<br>Solutia Agrees to Sell Resins, Additives and Adhesives Businesses to UCB
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.”