Solutia gains $3 million through sale of AES stake

ST. LOUIS (May 13)—Solutia Inc.'s. sale of its stake in Advanced Elastomer Systems L.P. to ExxonMobil Chemical Co.—its partner in the 50/50 thermoplastic vulcanizates joint venture—resulted in a $3 million after-tax gain for the St. Louis-based resins and specialty chemicals producer. ExxonMobil paid Solutia about $102 million for the stake, Solutia said in its recent first-quarter earnings release. AES, maker of the Santoprene line of thermoplastic elastomers, reports about $300 million in annual sales with 700 employees and production facilities in Wadsworth, Ohio; Pensacola, Fla.; and Newport, Wales, ExxonMobil said.