Flexsys results included in Solutia's first half numbers

ERJ staff report (DS)

St Louis, Minnesota -- In announcing its first half results, Solutia has given some details of its new subsidiary, Flexsys.

The company said its technical specialities unit generated sales of $527 million in the six months ended June 30, compared with an equivalent $409 million last year. However, of that $409 million, $214 million was attributed to the 50 percent of shares in Flexsys not previously owned by Solutia. The company is including Flexsys sales from 1 May, following its acquisition from its former joint venture partner, Akzo Nobel N.V.

For EBITDA, the equivalent figures are $91 million for this year, $79 million (adjusted) for a year ago and an adjustment of $49 million.

Solutia also noted that it has allowed $6 million to cover the closure of Flexsys' Ruabon manufacturing facility in 2008 (as previously announced).

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Press release from Solutia