Solutia agrees to buy Etimex Solar

St. Louis, March 1, 2010 — Solutia Inc. reached a definitive agreement to purchase Etimex Solar GmbH, a unit of Etimex Holding GmbH, which is controlled by funds affiliated with Alpha Gruppe.

The purchase price of $324 million in cash will be financed from existing cash on the balance sheet and additional debt. Etimex Solar is a supplier of ethylene vinyl acetate encapsulants to the photovoltaic market.

The purchase is a step in Solutia’s plan to strategically grow its specialty chemicals and performance materials portfolio by enhancing its current businesses.

Click here for more solar energy stories

Combining EVA with its existing polyvinyl butyral encapsulant capabilities positions Solutia as a source for solar encapsulant solutions. This will enable Solutia to better meet customer needs by providing the broadest product offering in the industry.

Etimex’s VistaSolar products, manufactured in Dietenheim, Germany, offer ultra fast curing EVA films as well as new thermoplastic polyurethane (TPU) films which do not require curing.

This business reported 2009 net income of $31 million and 2009 EBITDA of about $34 million. This transaction is expected to close during the second quarter of 2010, contingent upon customary closing conditions, including receipt of governmental approvals. Deutsche Bank Securities Inc. and Kirkland & Ellis LLP acted as advisors on this transaction.


Previous articleFirstEnergy Nuclear refueling Ohio nuclear power plant
Next articleDominion Virginia Power creates new customer service telephone number

No posts to display