Solutia to acquire Southwall Technologies in $113 million deal
Officials from Solutia Inc. signed a definitive agreement to acquire Southwall Technologies for an aggregate equity purchase price of about $113 million, according to an Oct. 7 Solutia release. The transaction has been approved by the boards of directors of both companies, and the acquisition will be funded by Solutia from existing cash on hand.
"This acquisition positions Solutia as the world leader in advanced sputtering technology, combining the industry's leading commercial expertise with next-generation innovation capabilities to provide advanced film solutions to the premium window film and electronics markets," Jeffry N. Quinn, chairman, president and chief executive officer of Solutia Inc., said in the release. "Our growth strategy remains focused on enhancing our portfolio through synergistic bolt-on acquisitions that allow Solutia to better serve high-growth markets and support the success of our existing businesses. This is just one component of our strategy to put our strong cash flow to work to create value for our shareholders."
Watch a video from Solutia about the acquisition