Solutia acquire Southwall Technologies, films firm

Solutia to acquire Southwall Technologies, a films firm

2:06 AM, 10th October 2011
Solutia to acquire Southwall Technologies, a films firm
Jeffry N Quinn, Chairman, President and CEO, Solutia Inc.

ST LOUIS/PALO ALTO, US: Solutia Inc will acquire Southwall Technologies Inc for $13.60 per share of Southwall common stock in cash. The transaction has an aggregate equity purchase price of approximately $113 million. 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 commercial expertise with next-generation innovation capabilities to provide advanced film solutions to premium window film and electronics markets,” said Jeffry N Quinn, Chairman, President and CEO, Solutia Inc.

The acquisition will secure Solutia’s access to Southwall’s proprietary XIR technology. Additionally, the acquisition adds manufacturing capacity and proprietary capabilities to support fast-growing demand for high-tech films for the electronics market and even new product offerings.

“This will help us realize potential of Southwall’s portfolio of energy efficiency solutions as we combine our innovation in sputtering technology with Solutia’s commercial and market expertise. Together we will focus on delivery of next-generation films,” said Dennis Capovilla, President and CEO, Southwall Technologies Inc.

Under the terms of the agreement, it is anticipated that a subsidiary of Solutia will commence a tender offer for all of the outstanding shares of Southwall common stock no later than October 25, 2011. The $13.60 per share in cash for all Southwall stockholders represents a 45 per cent premium to closing share price of Southwall common stock on October 6, 2011.

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