Solutia to purchase Akzo Nobel’s stake in Flexsys
20/12/2006
Manufacturer of specialty chemicals, nylon products, interlayers for laminated glass and aftermarket window films has reached an agreement in principle to purchase Akzo Nobel N.V.'s stake in Brussels-based Flexsys, the 50/50 rubber chemicals joint venture between Akzo Nobel and Solutia, as well as Akzo Nobel's Crystex business in Japan. The proposed transaction is subject to completion of a definitive purchase agreement, approval by the United States Bankruptcy Court, receipt of required regulatory approvals and the fulfilment of other customary closing conditions.
Formed in 1995, Flexsys supplies chemicals to the rubber industry. With 2005 sales of approximately $600 million, the company employs more than 1,000 people worldwide and operates 15 production facilities. The company’s products are used in the manufacture of footwear, belts, tires, hoses and seals. The chemicals help to cure and protect rubber, increase durability, lengthen product life, and provide colour control and heat resistance.
Share this story:
