ST. LOUIS, June 25, 2008 (PRIME NEWSWIRE) -- Solutia Inc. (NYSE:SOA) today announced it has sold its 260,000-square-foot office building in Town & Country, Mo., to Bluerock Real Estate, LLC, for $42.75 million.
"Through this agreement, Solutia is able to free up cash to pay down debt and for our core business operations while keeping our headquarters at the current site through a long-term lease," said James M. Sullivan, senior vice president and chief financial officer, Solutia Inc. "Of the $42.75 million in proceeds, Solutia used approximately $19.5 million to pay off the current mortgage and the remainder for general corporate purposes."
Solutia's corporate headquarters will continue to occupy 120,000 square feet of the building under a 10-year renewable lease with Bluerock. Pfizer Inc. and Savvis, Inc. also lease office space in the building.
Solutia and its real estate advisor, Colliers Turley Martin Tucker, began marketing the site earlier this year. The site is located at 575 Maryville Centre Drive, approximately 18 miles west of downtown St. Louis.
Forward Looking Statements
This press release may contain forward-looking statements, which can be identified by the use of words such as "believes," "expects," "may," "will," "intends," "plans," "estimates" or "anticipates," or other comparable terminology, or by discussions of strategy, plans or intentions. These statements are based on management's current expectations and assumptions about the industries in which Solutia operates. Forward-looking statements are not guarantees of future performance and are subject to significant risks and uncertainties that may cause actual results or achievements to be materially different from the future results or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, those risk and uncertainties described in Solutia's most recent Annual Report on Form 10-K, including under "Cautionary Statement About Forward Looking Statements" and "Risk Factors," and Solutia's quarterly reports on Form 10-Q. These reports can be accessed through the "Investors" section of Solutia's website at www.solutia.com. Solutia disclaims any intent or obligation to update or revise any forward-looking statements in response to new information, unforeseen events, changed circumstances or any other occurrence.
About Solutia Inc.
Solutia is a market-leading performance materials and specialty chemicals company. The company focuses on providing solutions for a better life through a range of products, including: Saflex(r) interlayer for laminated glass; CPFilms(r) aftermarket window films sold under the LLumar(r) brand and others; high-performance nylon polymers and fibers sold under brands such as Vydyne(r) and Wear-Dated(r); and technical specialties including the Flexsys(r) family of chemicals for the rubber industry, Skydrol(r) aviation hydraulic fluid and Therminol(r) heat transfer fluid. Solutia's businesses are world leaders in each of their market segments. With its headquarters in St. Louis, Missouri, USA, the company operates globally with approximately 6,000 employees in more than 60 locations. More information is available at www.Solutia.com.
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