Solutia drops 15% after announcing possible sale of nylon business
Solutia Inc. (NYSE:SOA) said Monday it is considering selling its nylon business and has HSBC Securities looking into strategic alternatives for the sector. The news sent shares down more than 15%. St. Louis-based Solutia is a manufacturer of chemical and engineered materials, and its nylon business made up about 51% of the company’s total revenue last year. The nylon sector has been hit with higher material costs, which have cut into margins. Shares fell to $11.79, down about $2.11 from Friday’s close.
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