Solutia to buy out Akzo stake in Flexsys

Brussels – Solutia Inc. has reached an agreement to buy Akzo Nobel NV’s share of Flexsys NV, a 50-50 rubber chemicals joint venture the two firms formed in 1995.

Solutia also will purchase Akzo Nobel’s toll manufacturing operation for Flexsys at the Akzo’s Kashima site in Japan.

Terms of the agreement were not disclosed. Solutia said the proposed agreement is subject to normal closing conditions.

Brussels, Belgium-based Flexsys posted 2005 sales of about $600 million and employs more than 1000 at 15 factories worldwide: eight in Europe, three…

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