Solutia closes deal to buy Southwall Technologies
US-based specialty chemicals firm Solutia has completed its previously-announced acquisition of Southwall Technologies, a producer of energy-saving films and glass products for the automotive and architectural markets.
The $113 million transaction was funded by Solutia with existing cash on hand and is expected to be accretive in the first year, according to Solutia.
"This acquisition combines Solutia's leading commercial and market expertise with Southwall's innovative and proprietary capabilities, positioning Solutia to provide the next generation of advanced film solutions to the premium window film and electronics markets," said Jeffry N. Quinn , CEO of Solutia.
"This step reflects Solutia's strategy to support our high-growth markets and increase growth potential in our existing businesses."
The acquisition was completed on Monday with a merger of a subsidiary of Solutia into Southwall. The merger followed the successful completion by Solutia of a tender offer for all of the outstanding shares of common stock of Southwall at a purchase price of $13.60/share in cash, without interest and less any applicable withholding taxes.
The tender offer expired on November 22.
All remaining Southwall stockholders who did not tender their shares in the tender offer will have the right to receive the same $13.60/sharein cash, without interest and less any applicable withholding taxes, paid in the tender offer for each share of Southwall outstanding immediately prior to the effective time of the merger.
Southwall stockholders whose shares were not validly tendered and accepted for payment in the tender offer will receive a merger notice and a letter of transmittal that will instruct them as to how to receive the merger consideration.
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