ExxonMobil Chemical to Acquire Solutia's Share of Advanced Elastomer Systems

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.