ST. LOUIS, March 24, 2011 /PRNewswire/ -- Solutia Inc. (NYSE: SOA), a market-leading performance materials and specialty chemicals company, today announced it has entered into an agreement to acquire selected assets of Aimcore Technology Co., Ltd., a leading conductive film manufacturing firm based in Taiwan, for approximately $7 million.
The acquisition will be an addition to Solutia's Performance Films segment and will result in greater manufacturing capacity for the production of Solutia's market-leading Flexvue™ film components, which are used in touch screens, solar applications and e-readers. The acquisition will add state-of-the-art equipment and expand Solutia's film manufacturing operations into Asia in support of the region's fast-growing mobile technology and energy markets. The increased manufacturing capacity is slated to be on line in the second half of 2011.
"This acquisition will strengthen Solutia's position at the forefront of the high-technology electronic films market and bolster the company's ability to meet growing demand for our products in the Asia-Pacific region," said Jeffry N. Quinn, chairman, president and chief executive officer of Solutia. "Solutia continues to execute its clearly charted strategy of using bolt-on acquisitions to support the growth of our existing businesses, focusing on high-value specialty materials and high-growth markets."
The acquisition will be the second in less than one year for Solutia's Performance Films segment, which also produces premium window film components. It follows the addition in 2010 of Singapore-based Novomatrix, a leader in window film branding, marketing and distribution. The new acquisition will bolster the segment's growing capabilities in Asia and free up U.S. manufacturing capacity to support North American demand for Solutia's premium window film components.
"Solutia's Performance Films segment is positioned with the capacity, technology and geographic reach to develop the next generation of innovative film components across a diverse set of global markets," said D. Michael Donnelly, president and general manager of Solutia's Performance Films segment.
More information on Flexvue™ films is available at www.flexvuefilms.com .
Notes to Editor: SOLUTIA and the Radiance Logo™ and all other trademarks listed below are trademarks of Solutia Inc. and/or its affiliates.
Forward Looking Statements
This press release may contain forward-looking statements, which can be identified by the use of words such as "believes," "expects," "may," "will," "intends," "plans," "estimates" or "anticipates," or other comparable terminology, or by discussions of strategy, plans or intentions. These statements are based on management's current expectations and assumptions about the industries in which Solutia operates. Forward-looking statements are not guarantees of future performance and are subject to significant risks and uncertainties that may cause actual results or achievements to be materially different from the future results or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, those risk and uncertainties described in Solutia's most recent Annual Report on Form 10-K, including under "Cautionary Statement About Forward Looking Statements" and "Risk Factors", and Solutia's quarterly reports on Form 10-Q. These reports can be accessed through the "Investors" section of Solutia's website at www.solutia.com . Solutia disclaims any intent or obligation to update or revise any forward-looking statements in response to new information, unforeseen events, changed circumstances or any other occurrence.
Solutia is a market-leading performance materials and specialty chemicals company. The company focuses on providing solutions for a better life through a range of products, including: Saflex® polyvinyl butyral interlayers for glass lamination and for photovoltaic module encapsulation and VISTASOLAR® ethylene vinyl acetate films for photovoltaic module encapsulation; LLumar®, Vista™, EnerLogic™, FormulaOne®, Gila®, V-KOOL®, Huper Optik®, IQue™, Sun-X® and Nanolux® aftermarket performance films for automotive and architectural applications; Flexvue™ advanced film component solutions for solar and electronic technologies; and technical specialties products including Crystex® insoluble sulfur, Santoflex® PPD antidegradants, Therminol® heat transfer fluids and Skydrol® aviation hydraulic fluids. Solutia's businesses are world leaders in each of their market segments. With its headquarters in St. Louis, Missouri, USA, the company operates globally with approximately 3,300 employees in more than 50 worldwide locations. More information is available at www.Solutia.com .
SOURCE Solutia Inc.