ST. LOUIS (March 1) – Solutia Inc. and Akzo Nobel N.V. have reached a definitive agreement for Solutia to buy out Akzo's share of Flexsys N.V., the 50-50 rubber chemicals joint venture between the two firms.
The agreement will be executed upon completion of consultation with Dutch employee works council representatives. The parties also are looking to gain the needed approval of the U.S. Bankruptcy Court, where Solutia's Chapter 11 proceedings are pending.
Flexsys posted 2005 sales of about $600 million and employs 600 people worldwide. Its products are used in the production of tires, belts, hoses, seals, footwear and other rubber products.