HOUSTON (Feb.1)—ExxonMobil Chemical Co. of Houston will become the sole owner of Advanced Elastomer Systems L.P., after purchasing St. Louis-based Solutia Inc.´s 50-percent portion of the company. The two firms signed a binding contract for the acquisition subject to government review on Feb. 1, a prepared statement said. Terms of the agreement were not disclosed. ExxonMobil and Solutia formed the Akron-based AES in 1991 through a limited 50/50 partnership. The thermoplastic vulcanizate maker employs about 700 worldwide and had sales of about $300 million in 2001. Solutia announced its plan to put AES up for sale in 2000, saying the company did not fit into its strategy.
ExxonMobil to take full control of AES
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