01.03.2010 • NewsSolutiaSolarMergers & Acquisitions (M&A)

Solutia to Buy Etimex Solar for $326 Million

U.S. specialty chemicals maker Solutia is set to buy closely held Etimex Solar, a maker of chemicals used in solar panels, for $326 million in cash, Wall Street Journal said. The deal is set to be announced on Monday, according to the paper.

Etimex Solar, a division of German plastics firm Etimex Holdings, makes a film that covers and weatherizes solar panels, the paper said. Solutia will look for a new financing package to help fund the Etimex deal. The firm may tap the high-yield market to raise new capital, the paper said.

Etimex had 2009 annual sales of around $67 million and earnings of $34 million, according to Solutia, the paper said. The Etimex deal would help Solutia, as majority of the company's $1.7 billion in annual sales currently come from the weak U.S. auto and construction industries, the daily said.

Solutia and Etimex Solar could not be immediately reached for comment by Reuters.

Interview

Specialty Chemicals in a Shifting World
Adapting to Tariffs and Strengthening Regional Networks

Specialty Chemicals in a Shifting World

Jennifer Abril, President & CEO of SOCMA, discusses the impact of new tariffs and the importance of regional supply networks in the specialty chemical industry.

Innovation Pitch

The Start-up Platform for Chemistry & Life Sciences
Discover Tomorrow’s Innovators

The Start-up Platform for Chemistry & Life Sciences

CHEManager Innovation Pitch supports innovation in the chemistry and life sciences start-up scene. The platform allows founders, young entrepreneurs, and start-ups to present their companies to the industry.