Solutia posts US$131 mln net sales in May; re-affirms FY 2009 guidance

US-based performance materials and specialty chemicals company Solutia Inc. announced that based on its performance through May, it is re-affirming its full-year 2009 adjusted EBITDA guidance from continuing operations of US$325 mln to US$350 mln and its full-year 2009 total cash from operations less capital expenditures guidance of US$50 to US$100 mln. The company said its net sales stood at US$130 mln for April and US$131 mln for May, compared to US$339 mln for the first quarter or an average of US$113 mln per month. This improvement was driven by stronger volumes, primarily related to the completion of downstream inventory destocking. Solutia Inc. recently completed the US$50 mln sale of its nylon business to an affiliate of SK Capital Partners II, L.P. The company said it will now focus on its Performance Materials and Specialty Chemicals segments. The company also received a 2% equity stake in the new company formed to hold substantially all of the assets of the nylon business.
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