ST. LOUIS, Sept. 16, 2008 (GLOBE NEWSWIRE) -- Solutia Inc. (NYSE:SOA) is assessing the impact of Hurricane Ike on its nylon chemical plant in Alvin, Texas. Preliminary assessments have revealed no flood damage, although some wind damage has occurred. No other Solutia plants were impacted by Hurricane Ike.
"We are very thankful that no one was injured at our site, and are grateful to our employees and contractors who have been working diligently to restore the plant to normal operations," said Jim Voss, acting president of Integrated Nylon and president of Technical Specialties, Solutia Inc. "Prior to the hurricane we implemented a contingency plan to move finished goods and intermediates off site, which is helping us meet customer demands."
Hurricane Ike came ashore at Galveston, Texas, early Saturday morning, September 13, near Solutia's Chocolate Bayou facility in Alvin, Texas. Manufacturing units at the site were shut down in advance when Solutia executed an orderly evacuation of all personnel. Employees and contractors are now in the process of restoring the site to normal operations.
While preliminary assessments of the site's infrastructure have been fairly positive, the status of the region's transportation infrastructure -- particularly as it relates to barge and rail traffic -- remains uncertain and could slow the return to normal operations. Solutia is coordinating with suppliers and customers to minimize any potential disruption.
Solutia continues to evaluate the situation, and at this time is not able to estimate the financial impact or any potential insurance recovery as a result of this event.
"Our employees have responded to this adversity with a remarkable degree of dedication and professionalism," added Voss. "They are taking steps to ensure we deliver quality products and services to our customers with minimal disruption, even in the face of personal hardship. We thank them for their efforts and dedication to Solutia."
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," "estimated," 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.
Corporate Profile
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.
The Solutia Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=2620