Solutia announces agreement to acquire Etimex Solar

Solutia Inc. [St. Louis]today [March 1]announced that it has reached a definitive agreement to purchase Etimex Solar GmbH[Germany], a wholly owned subsidiary of Etimex Holding GmbH, which is controlled by funds affiliated with Alpha Gruppe.The purchase price of euro 240 million in cash is expected to be financed from existing cash on the balance sheet and additional debt.Etimex Solar is a leading supplier of ethylene vinyl acetate encapsulants to the photovoltaic market.The acquisition is a significant step in Solutia's plan to strategically grow its specialty chemicals and performance materials portfolio by enhancing its current businesses, according to a March 1 PR Newswire report.

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