Solutia Reaches Definitive Agreement To Purchase Akzo Nobel's 50 Percent Stake In Flexsys Joint Venture

St. Louis, MO - Solutia Inc., a manufacturer and provider of interlayers for laminated glass, aftermarket window films, specialty chemicals and an integrated family of nylon products, recently announced it has reached a definitive agreement to purchase Akzo Nobel N.V.'s stake in Flexsys, the 50%/50% rubber chemicals joint venture between Akzo Nobel and Solutia. Solutia and Akzo Nobel have entered into a letter agreement committing the parties to execute the definitive agreement upon completion of consultation with Dutch employee works council representatives. The parties are moving forward to obtain the required approval of the United States Bankruptcy Court before which Solutia's Chapter 11 proceedings are pending, the receipt of required regulatory approvals, finalizing the definitive purchase agreement for Akzo Nobel's Crystex business in Japan and the fulfillment of other customary closing conditions.

Formed in 1995, Flexsys http://www.flexsys.com is the supplier of chemicals to the rubber industry. With 2005 sales of approximately $600 million, Flexsys employs about 600 people worldwide.

Flexsys products play an important role in the manufacture of tires and other rubber products such as belts, hoses, seals and footwear. These chemicals help cure and protect rubber, increase durability, lengthen product life, and provide color control and heat resistance.

SOURCE: Solutia Inc. and Flexsys'