ST. LOUIS, Aug. 23, 2006 (PRIMEZONE) -- Solutia Inc. (OTCBB:SOLUQ) today announced that its subsidiary, Solutia Europe SA/NV ("SESA"), has completed the sale of its Pharmaceutical Services business, comprised principally of SESA's subsidiary CarboGen Amcis AG. Dishman Pharmaceuticals and Chemicals Limited and its subsidiaries have purchased 100 percent of the stock of CarboGen Amcis AG, as well as certain other assets used in the Pharmaceutical Services business, for approximately $74.5 million, subject to a working capital adjustment.
The Pharmaceutical Services business (http://www.carbogen-amcis.com) provides seamless drug development and commercialization services for leading pharmaceutical and biotechnology companies. During the year 2005, the business had sales of approximately 80 million Swiss francs. The Pharmaceutical Services business has world-class research and development facilities at three sites in Switzerland: Aarau, Bubendorf, and Neuland. All intellectual property, patents and trademarks, customer contracts, as well as employees of the Pharmaceutical Services business are included in the transaction.
Dishman Pharmaceuticals and Chemicals Limited (http://www.dishmangroup.com) is a globally focused company involved in the manufacture of APIs (active pharmaceutical ingredients), API intermediates, quaternary compounds and fine chemicals. Headquartered in Ahmedabad, India, Dishman has exports spanning all continents.
Forward Looking Statements
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Corporate Profile
Solutia (http://www.Solutia.com) uses world-class skills in applied chemistry to create value-added solutions for customers, whose products improve the lives of consumers every day. Solutia is a world leader in performance films for laminated safety glass and after-market applications; specialties such as water treatment chemicals, heat transfer fluids and aviation hydraulic fluid and an integrated family of nylon products including high-performance polymers and fibers.
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