Solutia completes acquisition of Etimex Solar

Solutia Inc., St. Louis, has consummated the previously announced purchase of Etimex Solar GmbH, producer of Vistasolar encapsulants, including a leading ethylene vinyl acetate encapsulant to the photovoltaic market. The euro 240 [$294] million acquisition of German-based Etimex Solar from Etimex Holding GmbH, which is controlled by funds advised by Alpha Gruppe, was funded with existing cash, according to a June 1 release.

"The completion of this transaction is a significant step in Solutia's previously stated strategy to prudently grow its specialty chemicals and performance materials portfolio through highly synergistic, bolt-on acquisitions," said Jeffry N. Quinn, chairman, president and chief executive officer of Solutia Inc. "This acquisition enhances Solutia's already strong margins while diversifying and expanding our end markets, further strengthening our position as a leading components supplier to the high-growth renewable energy sector."

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