UCB S.A. AND SOLUTIA INC.Stock and Asset Purchase Agreement • February 18th, 2003 • Solutia Inc • Chemicals & allied products
EXHIBIT 99(i) [SOLUTIA LETTERHEAD] FOR IMMEDIATE RELEASE ------------------------------------------------------------------------------- Contacts: Financial - Liesl Livingston 314-674-7777 Media - Beth Rusert 314-674-8527 SOLUTIA CLOSES SALE OF ITS...Solutia Inc • February 18th, 2003 • Chemicals & allied products
ST. LOUIS, Jan. 31, 2003 - Solutia Inc. (NYSE:SOI) today announced that it closed the sale of its resins, additives and adhesives businesses to UCB S.A. for U.S. $500 million cash. John C. Hunter, chairman, president and chief executive officer of Solutia said, "We are pleased that we have been able to conclude this sale quickly. Solutia will use the proceeds to substantially pay down debt, which will strengthen our balance sheet and provide us with greater flexibility to deal with future business risk and uncertainty." He added, "This sale allows Solutia to focus on the growth and market penetration opportunities that we are pursuing in our remaining businesses."
