Solutia to hang onto its share of Flexsys

BRUSSELS, Belgium (July 8)—Solutia Inc. is no longer seeking to sell its interest in Flexsys, the U.S. group's 50-50 rubber chemicals joint venture with Akzo Nobel N.V., a Flexsys spokeswoman has confirmed. St Louis-based Solutia decided to the exit the venture two years ago as part of a strategy to divest non-core interests. The group recently sold its 50-percent share in Advanced Elastomer Systems L.P. to ExxonMobil Chemical Co.—its equal partner in the thermoplastic elastomer joint venture. Brussels-headquartered Flexsys has sales of about $600 million and employs about 1,500 at more than 20 sites worldwide. The company's portfolio includes accelerators, vulcanization inhibitors, antidegradants, antioxidants and insoluble sulphur. Solutia is a successor company to Monsanto Inc. after a 1997 Monsanto restructuring. Monsanto and Akzo created Flexsys in 1995 by merging their respective rubber chemicals businesses.