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Solutia Completes Sale Of Nylon Business, Company Renamed Ascend

St. Louis-based Solutia Inc., a manufacturer of performance materials and specialty chemicals, has completed the previously announced sale of its nylon business to an affiliate of SK Capital Partners II LP, a New York-based private equity firm focused on the chemical, specialty material and healthcare sectors (See " Solutia Sells Nylon Business," www. TextileWorld.com , April 7, 2009).

The business will continue operations under the new name Ascend Performance Materials LLC and will produce nylon, plastics and manmade fibers for applications including carpet, apparel and tires, as well as agricultural products, animal feed and personal care products. Ascend plans to retain all former Solutia employees and management comprising a workforce totaling more than 3,000 people. The business will operate sales offices worldwide, a technology center in the United States and five former Solutia manufacturing plants located in Alvin, Texas; Decatur, Ala.; Foley, Ala; Pensacola, Fla.; and Greenwood, S.C.

June 2, 2009