Solutia Announces the Acquisition of Novomatrix
May 5, 2010
Solutia Inc. has acquired Novomatrix, a maker of high-technology
performance window films for the automotive aftermarket and architectural
applications for residential, commercial and industrial properties.
The acquisition of Singapore-based Novomatrix from MAFLP Investments
Limited and Globamatrix Holdings for $73 million was financed through
existing cash and did not require additional third-party financing.
"This acquisition strengthens Solutia's core competencies,
supports our growth strategy for the Performance Films division
and bolsters our talent base in Asia," said Jeffry N. Quinn,
chairman, president and chief executive officer of Solutia Inc.
"As Solutia looks to the future, we are executing upon our
previously stated strategy of enhancing our portfolio through targeted
bolt-on acquisitions that support our existing businesses. We welcome
the strength of Novomatrix, its employees and its well-positioned
brands into the Solutia family."
According to the announcement, the acquisition will expand Solutia's
reach in key emerging regions through Novomatrix's established presence
in Southeast Asia and the Middle East, which will complement Solutia's
presence in Northern Asia. Solutia says integration of Novomatrix
also provides an additional talented employee base in the region,
ensuring continuation of its high-performance culture in this market.
In addition, Solutia says its manufacturing capabilities, processing
expertise, technology resources and strong dealer and distribution
networks will benefit the Novomatrix brands, which include include
V-Kool® and Hüper Optik®.
"A multi-brand approach will create opportunities to grow market
share for all brands in existing and new markets," says Ray
Kollar, president and general manager of Solutia's Performance Films
division. "We will be able to satisfy a wide array of film
needs and requirements by choosing the best solution among our product
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