Solutia's Flexsys unit sees sales down 34% in Q1

ERJ staff report (RD)

St. Louis, Missouri - Solutia Inc has reported sales for it's Technical Specialities segment are down by 34 percent at $167 million (Euro 125 million) in the first quarter (Q1) of 2009, a reduction of $85 million on the previous year. The segment includes the Flexsys business which makes rubber chemicals and insoluble sulphur.

Adjusted EBITDA was down from $59 million in 2008 to $46 million, primarily due to lower volumes but partially offset by improved selling prices, the company said 5 May. Solutia did report however that the Technical Specialities segment had increased adjusted EBITDA margins to 28 percent in Q1 from 23 percent the previous year.

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Press release from Solutia Inc