Solutia Inc., a provider of performance materials and specialty chemicals, has reached a definitive agreement to purchase Etimex Solar GmbH, a wholly owned subsidiary of Etimex Holding GmbH, which is controlled by funds affiliated with Alpha Gruppe.
The purchase price of 240 million euros in cash is expected to 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.
According to Solutia, the acquisition is a significant step in the company's plan to strategically grow its specialty chemicals and performance materials portfolio by enhancing its current businesses.
SOURCE: Solutia Inc.
