HOUSTON -- ExxonMobil Chemical has announced plans to become the owner of Advanced Elastomer Systems (AES) by acquiring Solutia Inc.'s 50-percent interest in AES. ExxonMobil Chemical and Solutia have signed a binding contract for this acquisition subject to government reviews. Timing of the sale and terms of the agreement were not disclosed.

Formed in 1991, AES is a limited partnership between ExxonMobil Chemical and Solutia. Headquartered in Akron, Ohio, AES has annual sales of approximately $300 million and employs about 700 people worldwide.

"This acquisition demonstrates ExxonMobil Chemical's commitment to having the broadest portfolio of polymers based upon ethylene and propylene serving a broad range of markets," stated Jim Harris, Polymers senior vice president, ExxonMobil Chemical Co. "We are very pleased, as AES is the premier engineered thermoplastic elastomer business, well known for the quality of its products and customer service."

ExxonMobil Chemical is a division of Exxon Mobil Corp. Additional information can be found at www.exxonmobilchemical.com.